Eaton Vance Corp. announced Thursday that former Chairman Landon T. Clay will sell all of his 8.5 million shares of nonvoting common stock.

They account for about 12% of the Boston investment management firm's shares. The firm said Clay has retained an investment bank to sell the stock to institutional and individual investors.

Clay retired from Eaton Vance in 1997. Since then he has not been a director, officer, or employee of the firm, it said.

Eaton Vance said that Clay, 80, is selling the stock for personal reasons and that he has had no access to insider information since his retirement. Eaton Vance manages assets of more than $76 billion.

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