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Eaton Vance adds new portfolio manager for ETJ fund

Eaton Vance Management (EVM), investment adviser to its Risk-Managed Diversified Equity Income Fund (ETJ), has added Kevin Amell as the portfolio manager.

Amell will manage the ETJ’s options overlay program and collaborate with the other managers, including Walter Row III and Michael Allison to direct the overall investment program.

Having joined EVM as an equity options trader in 2009, Amell was previously a senior trader at Numeric Investors and Jacobs Levy Equity Management.

The Fund is currently modifying the implementation of its "collared" options strategy of purchasing out-­of-the-money S&P 500 Index put options and selling out-of-the-money S&P 500 Index call options on all of the value of its common stock portfolio.

It intends to purchase short-dated (generally 28-day) index put options and sell index call options of the same term, staggering roll dates across the options portfolio.

As of 31 July 2012, Eaton Vance and its affiliates managed $192.9bn in assets and offer a range of investment products and wealth management solutions to individuals and institutions.