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Large cap veteran to retire from US asset manager

Large cap veteran to retire from US asset manager

Eaton Vance has announced the firm’s head of large-cap value strategies, Michael R. Mach, is to retire in June.

Mach is set to end a 14-year stint with the Boston-based investment firm and call time on his near 30-year investment career.

During his tenure he was responsible for several US equity funds, including the Dublin-domiciled EV Intl (Ireland) US Value fund, which he oversaw the launch of in 2002.

While head of the large-cap value strategies team, which he joined in 1999, Mach had seen assets under management in value strategies grow from under $200 million to over $10 billion.

Commenting on the change, Thomas E. Faust Jr, chairman and CEO of Eaton Vance, said: ‘Throughout his career, Mike distinguished himself as a talented value investor and an effective leader of investment teams.'

His direct replacement will be Edward J. Perkin, who joined Eaton Vance as chief equity investment officer from Goldman Sachs Asset Management earlier this year.

In his new capacity, Perkin has vowed to continue Mach’s work and focus quality companies trading at below-average valuations.

Perkin will lead the Eaton Vance Management large-cap value team and work alongside John Crowley and Matthew Beaudry. However, Stephen Kaszynski, who co-ran several large-cap value funds with Mach, Crowley and Beudry, has opted to leave the firm.

The EV Intl (Ireland) US Value fund returned 37.1% over the past three years to the end of April 2014. This compares with a rise of 47.48% by the S&P 500 TR in US dollar terms over the same 36-month period.

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