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Eaton Vance Equity Head Richardson to Retire in October

Eaton Vance Corp., the money manager known for its focus on tax-efficient investing, said Duncan W. Richardson plans to retire from his role as chief equity investment officer in October after 26 years with the firm.

Chairman and Chief Executive Officer Thomas J. Faust Jr. will lead the equity group on an interim basis until a successor is found, the Boston-based company said today in a statement. Richardson, 55, ran the $684 million Eaton Vance Tax-Managed Growth Fund since 1990, returning an annual average of 7.9 percent in the past five years, beating 98 percent of competing funds, according to data compiled by Bloomberg.

Eaton Vance managed $260.6 billion as of June 30, the company said in the statement.

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