Eaton Vance Announces Launch of Institutional Cash Management Services Business

    Eaton Vance Announces Launch of Institutional Cash Management Services
                                   Business

PR Newswire

BOSTON, Feb. 5, 2013

BOSTON, Feb.5, 2013 /PRNewswire/ --Eaton Vance Management (Eaton Vance), a
subsidiary of Eaton Vance Corp. (NYSE: EV), today announced the formation of
Eaton Vance Institutional Cash Management Services (ICMS). ICMS will provide
cash management services to institutional investors in the U.S. and
internationally through customized separate accounts. Compared to
institutional money market funds, separately managed cash accounts can offer
higher yield potential, lower costs, greater transparency and more client
control, while eliminating the risk of impaired liquidity or loss of value due
to the actions of other fund investors. 

In conjunction with the launch of ICMS, Eaton Vance has hired a team of
investment professionals who formerly worked together managing institutional
cash management businesses at Dwight Asset Management (2009-2012), Lehman
Brothers Asset Management (2003-2009) and Allmerica Asset Management
(1995-2003). Joining the ICMS unit of Eaton Vance are: John C. Donohue, Vice
President and Head of Institutional Cash Management Services; Robert J.
Swidey, Vice President and Risk Manager; Timothy J. Robey, Vice President and
Portfolio Manager; Jeffrey R. Boutin, Vice President and Credit
Analyst–Structured Finance; and Kevin E. Zimmerman, Vice President and
Director of Business Development. Mr. Boutin and Mr. Zimmerman began working
with the other team members in 2003 and 2006, respectively. This group brings
to Eaton Vance a disciplined, risk-managed approach to managing cash assets, a
history of successful collaboration and a record of favorable investment
performance and high client satisfaction. 

Also joining ICMS as a portfolio manager will be Maria Cappellano,
co-portfolio manager of Eaton Vance U.S. Government Money Market Fund and
Eaton Vance's primary portfolio manager and trader for money market and short
duration portfolios. Ms. Cappellano is a Vice President of Eaton Vance and
has been a member of its Investment Grade Fixed Income group since 1998. She
earned a B.S. in business administration with a concentration in finance,
summa cum laude, from Northeastern University.

The ICMS unit will service approximately $3 billion in cash assets held across
various Eaton Vance separate accounts and mutual funds. In addition to its
dedicated staff, the ICMS unit will draw upon the investment and operational
resources of Eaton Vance's Investment Grade Fixed Income group. Mr. Donohue
will report to Thomas H. Luster, CFA, and Kathleen C. Gaffney, CFA,
Co-Directors of Investment Grade Fixed Income.

"Eaton Vance views this as a particularly opportune time to enter the
institutional cash management business," said Thomas E. Faust, Jr., Chairman
and Chief Executive Officer of Eaton Vance Corp. "Large corporate cash
balances, dislocation in the institutional money fund business and a thirst
for yield in a low rate environment create demand for new cash management
solutions. Given the experience and track record of John Donohue and his team
and the broader resources of the Eaton Vance income organization, we see
ourselves as ideally positioned to serve this growing market."

"My colleagues and I are very excited to join Eaton Vance," said Mr. Donohue.
"Together, we have all the ingredients in place to meet the cash management
needs of institutional investors."

Mr. Donohue has spent his 20-year investment career building and managing
successful institutional cash management businesses. Prior to joining Eaton
Vance, he headed liquidity management units of Dwight Asset Management, Lehman
Brothers Asset Management and Allmerica Asset Management, and was a portfolio
manager at CS First Boston Investment Management. He is a graduate of Saint
Anselm College and holds an M.B.A. from Assumption College.

Mr. Swidey specializes in quantitative risk management for money market and
short duration income portfolios. During his 22-year career he has been
affiliated with Dwight Asset Management, Lehman Brothers Asset Management,
Allmerica Asset Management, Allmerica Financial Corporation, 440 Financial
Group and State Street Bank and Trust. Mr. Swidey is a graduate of Boston
College and holds an M.A. in Economics from Clark University. He is a
Financial Risk Manager certified by the Global Association of Risk
Professionals and a member of the Global Association of Risk Professionals and
the National Society of Compliance Professionals.

Mr. Robey has 12 years of experience managing and trading money market and
short duration income portfolios. He was formerly affiliated with Dwight
Asset Management, Lehman Brothers Asset Management and Allmerica Asset
Management. Mr. Robey is a graduate of Bentley College.

Mr. Boutin has been analyzing income securities with a focus on the
asset-backed sector since 1996. He was formerly affiliated with Dwight Asset
Management, Lehman Brothers Asset Management, Banc One Capital Markets,
Freedom Capital Management, and State Street Global Advisors. Mr. Boutin is a
graduate of Central Connecticut State University and holds an M.B.A. from the
University of Hartford.

Mr. Zimmerman has 12 years of experience in cash management business
development and client service. Prior to joining Eaton Vance, he was
affiliated with Dwight Asset Management, Lehman Brothers Asset Management,
Morgan Stanley Investment Management and Goldman Sachs. He a graduate of
Taylor University and holds an M.B.A. from Northwestern University.

Eaton Vance Corp. is one of the oldest investment management firms in the
United States, with a history dating to 1924. Eaton Vance and its affiliates
managed $238.4 billion in assets as of December 31, 2012, offering individuals
and institutions a broad array of investment strategies and wealth management
solutions. Eaton Vance's long record of providing exemplary service, timely
innovation and attractive returns through a variety of market conditions has
made it the investment manager of choice for many of today's most discerning
investors.

About Risk:  U.S. Government Money Market Fund-  An investment in the Fund is
neither insured nor guaranteed by the U.S. Government. Although the Fund seeks
to maintain a stable net asset value of $1.00 per share, it is possible to
lose money by investing in a Fund.

Although the Fund seeks to preserve the value of an investment at $1.00 per
share, it is possible to lose money by investing in the Fund. An increase in
interest rates, a decline in the credit quality of an issuer, an inactive
trading market for money market instruments, or adverse market, economic,
political, regulatory, geopolitical or other conditions could reduce the
Fund's income level and/or share price. While certain U.S.
government-sponsored agencies may be chartered or sponsored by acts of
Congress, their securities are neither issued nor guaranteed by the U.S.
Treasury. No Fund is a complete investment program and you may lose money
investing in a Fund. The Fund may engage in other investment practices that
may involve additional risks and you should review the Fund prospectus for a
complete description.Effective January 1, 2012, Class A, B and C shares only
are offered in exchange for Class A, B and C shares, respectively, of other
Eaton Vance funds.

Before investing, investors should consider carefully the Fund's investment
objective, risks, charges and expenses. This and other important information
is contained in the Fund's prospectus and summary prospectus, which can be
obtained from a financial advisor. Prospective investors should read the
prospectus carefully before investing.

The Fund is distributed by Eaton Vance Distributors, Inc., Two International
Place, Boston, MA 02110. Member FINRA/ SIPC

Not FDIC Insured - Not Bank Guaranteed - May Lose Value

SOURCE Eaton Vance Corp.

Contact: Robyn Tice, +1-617-672-8940