Eaton Vance Adds Institutional Sales Co-Heads
SuperUser Account posted on September 06, 2011
Eaton Vance is staffing up its growing institutional business, most recently adding two co-directors of institutional sales to a list of key hires this year.
The Boston-based manager appointed Michael Kotarski and Joseph Furey to the newly created positions, with both reporting to Scott Ruddick, head of institutional, who has already made several additions to the institutional team this year.
Ruddick hired Charles Turgeon in March from Mellon Capital Management to serve as v.p. of institutional business development, as reported. In April, Ruddick tapped former State Street Global Advisors executive Rodrigo Soto for a similar post, as reported.
In addition, Ruddick made changes to the firm’s institutional distribution strategy, transitioning to a geographic model that relocated several institutional sales people from the firm’s Beantown headquarters to other sales territories, as reported.
The newly hired co-directors of institutional sales will help further implement the new strategy and continue growing Eaton Vance’s institutional presence, Ruddick says.
Ruddick brought on Kotarski to manage institutional sales representatives who cover corporations, endowments, foundations and select public pensions across North America. Kotarski is also responsible for direct sales coverage in the eastern U.S.
Furey, who was promoted internally, is responsible for the Taft-Hartley and state public pension plan markets.
“The appointment of co-directors of institutional sales is a part of the evolution of the institutional distribution strategy,” Ruddick says. “These appointments are part of a continued expansion of Eaton Vance’s institutional business. They represent continued steps toward building a world-class institutional team made of talented, seasoned and technical professionals, who have the ability to represent all investment strategies across Eaton Vance and affiliates.”
Prior to joining Eaton Vance, Kotarski served as managing director and head of North American business development at Mellon Capital, where he was also on the senior management committee.
A Mellon Capital spokesman says the firm has not yet replaced Kotarski.
Furey most recently served as v.p. of business development at Eaton Vance, focusing on the institutional channel in the eastern U.S. Previously, he worked at Fox Asset Management.
Eaton Vance has been steadily growing its institutional business over the past few years, focusing primarily on a bank loans fixed income strategy. The firm had $1.8 billion in net inflows for its third quarter of fiscal year 2011, and it had $199 billion under management as of July 31, including $45.1 billion in institutional assets.
Institutional business has been strong, Ruddick says, and he expects it to remain that way after the restructuring is complete.
“We continue to see strong interest and growth across multiple investment disciplines,” he says.
Recruiters say that while demand for senior institutional salespeople is relatively stagnant, there is always a desire for industry veterans with strong, established relationships.
"For the management team, demand is not up, it’s still pretty flat, but good sales people are always in demand and what the firms want are relationships," says Rick Rummage, president of the Rummage Group, an executive search firm. "Anybody with a lot of strong relationships will be in demand no matter if there’s a recession or not."
Another recruiter agrees, but attributes the lull in demand for sales personnel to seasonal factors.
"Any perceived slowdown is likely a symptom of summer schedules rather than a decline in demand," says Roy Duke, president of Duke Advisors, an executive search consultancy. "Experienced and technically sophisticated sales professionals are still highly sought-after."