Eaton Vance To End Certain Closed-End Fund Service And Addl Compensation Deals

(RTTNews) - Eaton Vance Corp. (EV) said Thursday that it has mutually agreed with one of its distribution partners to end the service and additional compensation agreements in place for certain Eaton Vance closed-end funds. The terms of the agreements provided for Eaton Vance to make recurring payments over time based on the managed assets of the respective funds.

In connection with ending the agreements, Eaton Vance is making a lump-sum payment of $73.0 million, or approximately $0.37 per share, which will be recorded as distribution expense in the first quarter of fiscal 2015. Annual distribution expense going forward will be reduced by approximately $0.07 per diluted share.