BOSTON, Feb. 5, 2013 /PRNewswire/ -- Eaton Vance Management (Eaton Vance), a subsidiary of Eaton Vance Corp. (NYSE: EV), today announced the formation of Eaton Vance Institutional Cash Management Services (ICMS). ICMS will provide cash management services to institutional investors in the U.S. and internationally through customized separate accounts. Compared to institutional money market funds, separately managed cash accounts can offer higher yield potential, lower costs, greater transparency and more client control, while eliminating the risk of impaired liquidity or loss of value due to the actions of other fund investors. In conjunction with the launch of ICMS, Eaton Vance has hired a team of investment professionals who formerly worked together managing institutional cash management businesses at Dwight Asset Management (2009-2012), Lehman Brothers Asset Management (2003-2009) and Allmerica Asset Management (1995-2003). Joining the ICMS unit of Eaton Vance are: John C. Donohue, Vice President and Head of Institutional Cash Management Services; Robert J. Swidey, Vice President and Risk Manager; Timothy J. Robey, Vice President and Portfolio Manager; Jeffrey R. Boutin, Vice President and Credit Analyst–Structured Finance; and Kevin E. Zimmerman, Vice President and Director of Business Development. Mr. Boutin and Mr. Zimmerman began working with the other team members in 2003 and 2006, respectively. This group brings to Eaton Vance a disciplined, risk-managed approach to managing cash assets, a history of successful collaboration and a record of favorable investment performance and high client satisfaction. Also joining ICMS as a portfolio manager will be Maria Cappellano, co-portfolio manager of Eaton Vance U.S. Government Money Market Fund and Eaton Vance's primary portfolio manager and trader for money market and short duration portfolios. Ms. Cappellano is a Vice President of Eaton Vance and has been a member of its Investment Grade Fixed Income group since 1998. She earned a B.S. in business administration with a concentration in finance, summa cum laude, from Northeastern University. The ICMS unit will service approximately $3 billion in cash assets held across various Eaton Vance separate accounts and mutual funds. In addition to its dedicated staff, the ICMS unit will draw upon the investment and operational resources of Eaton Vance's Investment Grade Fixed Income group. Mr. Donohue will report to Thomas H. Luster, CFA, and Kathleen C. Gaffney, CFA, Co-Directors of Investment Grade Fixed Income. "Eaton Vance views this as a particularly opportune time to enter the institutional cash management business," said Thomas E. Faust, Jr., Chairman and Chief Executive Officer of Eaton Vance Corp. "Large corporate cash balances, dislocation in the institutional money fund business and a thirst for yield in a low rate environment create demand for new cash management solutions. Given the experience and track record of John Donohue and his team and the broader resources of the Eaton Vance income organization, we see ourselves as ideally positioned to serve this growing market." "My colleagues and I are very excited to join Eaton Vance," said Mr. Donohue. "Together, we have all the ingredients in place to meet the cash management needs of institutional investors."