SEATTLE, Dec. 18, 2012 /PRNewswire/ -- Parametric, a majority-owned subsidiary of Eaton Vance Corp. (NYSE: EV), has been appointed by Sydney, Australia based Qantas Superannuation Limited ( Qantas Super), to provide an efficient implementation platform for Qantas Super's listed Australian and global equity portfolios.
Parametric has over 20 years' experience in managing equity portfolios with after-tax returns as a key objective, and has the technology, experience and skills, to systematically deliver efficient portfolio implementation.
"At Qantas Super, we are committed to reducing investment costs through the implementation of processes that increase savings potential for our member base. Parametric's appointment was a clear step for us in our drive towards greater transparency and more efficient investing. We have long held the view that returns should be measured and assessed on an after-tax basis because this is what matters most to our members," said Andrew Spence, Chief Investment Officer of Qantas Super.
Chief Executive of Parametric Brian Langstraat added, " Australia is a very important market for Parametric and we're proud to add an organisation of such caliber to our growing portfolio of clients. We are fully committed to building our operation and presence here, drawing on our direct research and technology experience in the after tax space."Parametric will apply an agreed methodology to report both the before-tax and after-tax returns of Qantas Super's Australian and global equity portfolios, as well as attributing the performance to pre-tax and after-tax returns. After-tax returns can give a materially different view of the real value that managers deliver to clients and the ranking of these managers, compared to assessments made using pre-tax returns. Australia's retirement savings ("superannuation") industry is adapting to meet the Australian government's new legislation coming into effect on January 1, 2014. In an effort to improve the efficiency, competition and transparency of Australia's superannuation industry, the legislation requires superannuation funds to promote the financial interests of members, in particular net returns, which is the real return after fees, costs and taxes. About ParametricParametric is a Seattle-based investment management firm focused on the delivery of rules-based, risk-controlled strategies, including engineered alpha-seeking portfolios, options strategies and customized equity and centralized portfolio management implementation services. As of October 31, 2012, Parametric managed $53.4 billion in assets on behalf of institutions, high-net-worth individuals and fund investors in the U.S. and internationally. Parametric is a majority-owned subsidiary of Eaton Vance. About Eaton VanceEaton Vance Corp. is one of the oldest investment management firms in the United States, with a history dating to 1924. Eaton Vance and its affiliates managed $199.5.billion in assets as of October 31, 2012, offering individuals and institutions a broad array of investment strategies and wealth management solutions. Eaton Vance's long record of providing exemplary service, timely innovation and attractive returns through a variety of market conditions has made it the investment manager of choice for many of today's most discerning investors. About the Qantas Superannuation PlanThe Qantas Superannuation Plan is one of Australia's leading corporate superannuation funds and is run for the benefit of current and former employees of Qantas Airways Limited and its associated companies. The Plan has been operating since 1939 and now has over 33,000 members and assets of approximately AUD $6 billion. SOURCE Parametric
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