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A press release entitled, "Eaton Vance Announces Launch of Institutional Cash Management Services Business" tell us, "Eaton Vance Management (Eaton Vance) ... 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)."

The release explains, "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."

It continues, "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 company adds, "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."

Thomas E. Faust, Jr., Chairman and CEO, comments, "Eaton Vance views this as a particularly opportune time to enter the institutional cash management business. 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." Donohue adds, "My colleagues and I are very excited to join Eaton Vance. Together, we have all the ingredients in place to meet the cash management needs of institutional investors."

The release tells us, "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.... 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. 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."

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