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Eaton Vance Management appoints CIO, Fixed Income


Eaton Vance Corp (Eaton Vance) has appointed Eric A Stein, CFA, as Chief Investment Officer, Fixed Income, of Eaton Vance Management (EVM), effective 1 November, 2020. Stein, will replace Payson F Swaffield, CFA, who previously announced his intention to retire, and will report to Thomas E Faust Jr, Chairman and Chief Executive Officer of Eaton Vance.

As Chief Investment Officer, Fixed Income, Stein will be responsible for overseeing the management of investment strategies for EVM and its affiliate Calvert Research and Management (Calvert) across the income markets, including floating-rate loans, high-yield bonds, municipal bonds, emerging market debt, mortgage-backed and asset-backed securities, investment-grade corporate and government bonds, and multi-asset income solutions for individual and institutional clients. As of 31 July, 2020, assets under management in EVM and Calvert income strategies totalled USD90.2 billion.

Stein has served as Co-Director of Global Income Investments with Michael A Cirami, CFA, since 2012.  Cirami will become sole Director of Global Income Investments, in which capacity he will continue to lead EVM’s Global Income group, reporting to Stein.

“I am pleased to announce Eric’s promotion to Chief Investment Officer, Fixed Income,” says Faust. “Under his leadership, I am confident that EVM’s income investment teams will continue the commitment to investment excellence and outstanding client service that has been their hallmark throughout Payson’s long tenure.” 

Addressing Cirami’s elevation to sole Director of Global Income Investments, Stein says: “Mike is an incredibly talented investor and passionate business builder whose leadership and vision have been instrumental to our success in global income investing.  I look forward to continuing to work closely with Mike in our new roles.”

Stein joined EVM in 2002, serving as a trading associate and research associate in the Global Income group before leaving to attend business school in 2005. He rejoined EVM’s Global Income group in 2008 as a research analyst from the Federal Reserve Bank of New York, where he worked on the Markets Desk. He has additional experience at Citigroup Alternative Investments. Stein earned a BS, cum laude, from Boston University and an MBA, with honours, from the University of Chicago Booth School of Business. He is a CFA charterholder, term member of the Council on Foreign Relations and member of the CFA Society Boston, Boston Committee on Foreign Relations, Boston Economic Club, Enterprise Club and AEI Boston Council.  

Cirami joined EVM in 2003 and started his career in the investment management industry in 1998. Before joining EVM, he worked at State Street Bank and BT&T Asset Management. Mr. Cirami earned a BS, cum laude, from Mary Washington College and an MBA with honours from the William E Simon School at the University of Rochester. He also studied at WHU Otto Beisheim School of Management in Koblenz, Germany. He is a CFA charter holder and member of the CFA Society Boston, Boston Committee on Foreign Relations and the Ludwig von Mises Institute.

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