Morgan Stanley to Sell Eaton Vance WaterOak Advisors to CI Financial and Pathstone

April 28, 2022

Willkie advised Eaton Vance WaterOak Advisors on two parallel deals for its investment advisory and wealth management business.

Eaton Vance WaterOak Advisors announced on March 31 that it entered into agreements to be acquired by CI Financial and Pathstone in two separate transactions.

CI Financial, an integrated global wealth and asset management company, has agreed to acquire certain assets of Eaton Vance WaterOak Advisors, formerly Eaton Vance Investment Counsel of Boston (EVIC). The Boston-based EVIC team acts as advisor for approximately $11.4 billion in assets on behalf of families, endowments, foundations and other institutions.

Separately, Pathstone, an independently operated, partner-owned investment advisory firm, has agreed to acquire certain assets of Eaton Vance WaterOak Advisors. Based in Winter Park, Florida, Eaton Vance WaterOak Advisors provides institutional and private wealth clients with custom investment solutions. It advises on approximately $3 billion in assets.

Eaton Vance Corp. and its subsidiaries, including Eaton Vance WaterOak Advisors, were acquired by Morgan Stanley in March 2021.

The Willkie team was led by partners Gregory Astrachan and Manuel Miranda and included associate Justin Sommerkamp.