Parametric Portfolio Associates, a subsidiary of Eaton Vance, has completed its previously announced acquisition of The Clifton Group Investment Management Company.
Based in Minneapolis, Clifton specialises in providing futures- and options-based overlay services and custom risk management solutions to institutional investors.
Clifton’s overlay services enable clients to add, remove or hedge market exposures in a transparent and efficient manner without disrupting underlying holdings.
Clifton’s risk management strategies employ futures, options and similar instruments to help clients enhance risk-adjusted returns.
As of 31 October 2012, Clifton managed USD33.5bn of funded and overlay assets on behalf of clients.
The Clifton acquisition adds a number of complementary capabilities and product offerings to Parametric, and strengthens Parametric’s position as a market-leading provider of portfolio solutions.
"We are excited to be joining forces with Clifton," says Brian Langstraat, Parametric’s chief executive officer. "Working together, we see significant opportunities to better serve clients and grow our business."
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