Eaton Vance Corp. agreed to purchase Clifton Group Asset Management Co. to add $33.4 billion of funded and overlay assets from institutional clients.
Clifton, which is based in Minneapolis and oversees money for 180 institutions, will become part of Parametric Portfolio Associates, an Eaton Vance unit based in Seattle, Parametric said in a statement today. Terms of the deal, which is scheduled to close by Dec. 31, were not given.
Three Clifton executives -- Managing Principal Kip Chaffee, Chief Investment Officer Jack L. Hansen and Thomas B. Lee, a senior fund manager -- will stay with the firm under new, long-term employment agreements. Eaton Vance is based in Boston.