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Michael Mach to retire from Eaton Vance

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Michael R Mach, lead portfolio manager of the Eaton Vance Management (EVM) large-cap value strategies, is to retire on 30 June.

Mach’s responsibilities as leader of the large-cap value team will be assumed by Edward J Perkin, who joined EVM as chief equity investment officer last month from Goldman Sachs Asset Management. 
 
Mach, 66, joined EVM in 1999 to manage Eaton Vance Large-Cap Value Fund and the new Eaton Vance Tax-Managed Value Fund.  Over his more than 14 years as an EVM value portfolio manager, these funds generated investment returns ranking in the top 40 per cent and 30 per cent, respectively, of large-cap value funds as classified by Morningstar, based on gross returns as of 30 April  2014.  During Mike’s tenure, the firm’s assets under management in value strategies grew from less than USD200 million to over USD10 billion.  In the early 2000s, Mach also played a leading role in the launch of EVM’s dividend income strategies, which now have nearly USD6 billion of managed assets.  
 
“Throughout his career, Mike distinguished himself as a talented value investor and an effective leader of investment teams,” says Thomas E Faust Jr, chairman and chief executive officer of Eaton Vance.  “On behalf of everyone at Eaton Vance, I thank him for his service to Eaton Vance and our clients, and wish him all the best in retirement.”
 
Upon Mach’s departure, EVM’s large-cap value team will consist of Edward Perkin, John Crowley and Matthew Beaudry.  Perkin will function as lead portfolio manager for diversified large-cap value strategies, Crowley will lead-manage focused large-cap value strategies and Beaudry will focus on client relations and portfolio implementation.  Former portfolio manager Stephen Kaszynski is leaving Eaton Vance to pursue other opportunities. 
 
“My goal for EVM’s large-cap value strategies is to restore performance leadership by applying a disciplined process that leverages the talents of our investment team,” says Perkin. “We will continue to emphasise investments in quality companies trading at below-average valuations that are identified through in-depth fundamental research.” 

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