Eaton Vance Management has named Eric Stein as its new CIO of fixed income, overseeing over $90bn in fixed income assets across the group and its affiliate.
Stein is replacing Payson Swaffield who recently announced his intention to retire after 29 years with the firm and will take over the role from 1 November.
Having served as co-director of global income investments since 2012, Stein's new role will see him report to chairman and CEO Thomas Faust and become responsible for all fixed assets across Eaton Vance Management and its affiliate Calvert Research and Management.
As of 31 July 2020, this amounts to assets under management of $90.2bn.
"Under his leadership, I am confident that EVM's income investment teams will continue the commitment to investment excellence and outstanding client service that has been their hallmark throughout Payson's long tenure," said Faust.
With additional experience at Citigroup and the Federal Reserve Bank of New York, Stein has been part of the Eaton Vance Management global income group since 2008.
Stein's responsibilities in global income investments will be taken over in entirety by Michael Cirami, who was co-director on this part of this business since 2012 as well.
As part of this change, Cirami - who has been with Eaton Vance since 2003 after spells at State Street Bank and BT&T Asset Management - will now report to Stein.