Eaton Vance Investment Counsel (EVIC), part of Eaton Vance, has agreed to acquire the assets of Florida-based wealth management firm WaterOak Advisors.

Financial details of the deal have not been made public.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

As part of the deal, WaterOak principals Clarke Lemons, Stephen Curley and Scott Macaione along with their team will join EVIC.

Founded in 2006, WaterOak Advisors has nearly $2bn of client assets under management (AUM).

The firm creates customised wealth advisory strategies for individuals, families and institutions.

WaterOak president Clarke Lemons said: “For over a decade, WaterOak has focused on partnering with our clients to help them meet their long-term investment objectives, while balancing risk and controlling costs and taxes.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“We enter this partnership with great excitement and look forward to expanding our offerings to include Eaton Vance’s distinctive array of wealth management solutions.”

EVIC provides investment management, financial, estate and tax planning, family office and trust services to HNW families and institutions.

As of April-end this year, the firm served as the adviser for $8.2bn in assets on behalf of families, endowments, foundations and other institutions.

EVIC president David McCabe said: “Eaton Vance and WaterOak share a focus on customised client service and a commitment to long-term relationships, based on comprehensive wealth management with integrity.”

Eaton Vance chairman and CEO Thomas Faust added: “We see the proposed acquisition of WaterOak as supporting one of Eaton Vance’s most important strategic priorities: strengthening our position in private wealth management.

“Combining with WaterOak offers the potential to develop a much larger business serving high-net-worth individuals and families in Florida and throughout the Southeast.”