Eaton Vance Corp has once again broken records for the largest closed-end fund initial public offering in history.The firm announced on Friday the successful offering of 275 million common shares of its newest closed-end income and growth fund, the share overwriting Eaton Vance Tax-Managed Global Diversified Equity Income Fund. Shares were priced at $20 per share, an asset raising of $5.5bn that more than doubled its previous record of $2.62bn in November last year.
"Clearly, there is a strong desire among investors for vehicles that combine tax-advantaged income with the potential for capital appreciation," said chairman and CEO James Hawkes. "The success of this offering affirms Eaton Vance's position as a premier provider of equity income products, a leader in tax-efficient investing, and an innovator in the use of the closed-end fund structure."
The Fund will have three potential sources of income and gains: qualified dividends, index call options written and stock price appreciation and will endeavour to minimize and defer shareholder federal income taxes.
Eaton Vance has hired Rampart Investment Management Company to provide options advice and execution.
The Fund is listed on the New York Stock Exchange under the ticker symbol EXG.
Through its subsidiaries, Eaton Vance Corp managed $135.5bn in assets as of end January. Eaton Vance Management, an indirect, wholly-owned subsidiary of Eaton Vance Corp, is the fund’s investment adviser.
This product appears in Recent Additions (US).
