Calvert Investments#The Calvert Foundation

In 1976, Calvert's co-founders, Wayne Silby and John Guffey, launched the first variable rate fund in the US before introducing the Calvert Social Investment Fund (CSIF) in 1982.{{cite web|title=Calvert Investments, Inc.|url=http://www.mfwire.com/fundprofile.asp?fund=20554&bhcp=1|website=The Mutual Fund Wire|publisher=InvestmentWires, Inc.|accessdate=12 August 2015}} The Calvert Social Investment Fund (CSIF) was the first mutual fund to oppose Apartheid, and then one of the first groups to reinvest in free South Africa in 1994.{{cite web|last1=Freeman|first1=Bennett|title=The Legacy Of Nelson Mandela And Responsible Investment|url=http://www.fa-mag.com/news/the-legacy-of-nelson-mandela-and-responsible-investment-16274.html|website=Financial Advisor|publisher=Charter Financial Publishing Network Inc.|accessdate=12 August 2015}}

In 1986, Calvert became one of the first mutual fund groups to sponsor a shareholder resolution. Calvert filed with the Angelica Corporation, identifying the potential financial impact of labor management issue.{{cite web|last1=Feigenbaum|first1=Clif|title=GreenMoney Interviews: Barbara J. Krumsiek, President & CEO, Calvert Investments|url=http://archives.greenmoneyjournal.com/article.mpl?newsletterid=50&articleid=723|website=Greenmoney Journal|publisher=GreenMoneyJournal|accessdate=12 August 2015|archive-url=https://web.archive.org/web/20150828212725/http://archives.greenmoneyjournal.com/article.mpl?newsletterid=50&articleid=723|archive-date=2015-08-28|url-status=dead}}

Calvert Investments founded the Calvert Foundation, a separate 501(c)(3) nonprofit, in 1988. The goal of the foundation is to invest directly in underserved communities.{{Cite web |last= |title=About Us |url=https://calvertimpact.secure.nonprofitsoapbox.com/about |access-date=2024-04-24 |website=Calvert Impact Capital |language=en-gb}}{{Cite web |title=Calvert Impact Capital (Calvert Foundation) {{!}} Devex |url=https://www.devex.com/organizations/calvert-impact-capital-calvert-foundation-54553 |access-date=2024-04-24 |website=www.devex.com}}

In 1992, Calvert launched World Values Fund, the first International SRI mutual fund. Calvert also started a Special Equities Program for high impact social ventures. At the time, this program was one of the first of its kind in the responsible investing field.{{citation needed|date=November 2023}}

In 1998, Calvert pursued an advisory opinion from the U.S. Department of Labor in support of the inclusion of sustainable and responsible investment options in defined contribution plans. In a letter to Calvert,{{cite web |url=http://www.calvert.com/NRC/literature/documents/sri_DOL_letter.pdf |title=PWBA Office of Regulations and Interpretations |publisher=calvert.com |accessdate=November 11, 2012 |archive-url=https://web.archive.org/web/20120425060421/http://www.calvert.com/NRC/literature/documents/sri_DOL_letter.pdf |archive-date=April 25, 2012 |url-status=dead }} the Department of Labor stated that it believes sustainable and responsible investment options are not inconsistent with fiduciary standards.

In 2000, Calvert introduced The Calvert Social Index (renamed Calvert US Large Cap Core Responsible Index in June 2015),{{Cite web |date=September 1, 2015 |title=CALVERT U.S. LARGE CAP CORE RESPONSIBLE INDEX FUND Presented to: WISCONSIN DEFERRED COMPENSATION INVESTMENT COMMITTEE |url=https://etf.wi.gov/boards/deferredcompensation/2015/09/01/item2pdf/direct |access-date=2024-04-23 |website=etf.wi.gov}} which is an unmanaged index that measures the performance of large, U.S.-based sustainable and responsible companies.{{Cite web |title=Calvert Social Index Fund: No-Action Letter dated September 4, 2001 |url=https://www.sec.gov/divisions/investment/noaction/calvert090401.htm |access-date=2024-04-23 |website=www.sec.gov}}

Calvert began expanding the number of investment strategies offered that addressed global sustainability challenges through favorable investment opportunities. In 2007, Calvert created the Global Alternative Energy Fund, an actively managed SRI fund. The Global Water Fund followed in 2008, and in 2011, Calvert launched the Emerging Markets Equity Fund.{{cite web|last1=Makower|first1=Joel|title=Exit Interview: Bennett Freemna, Calvert Investments|url=http://www.greenbiz.com/article/exit-interview-bennett-freeman-calvert-investments|website=GreenBiz|publisher=GreenBiz Group Inc.|accessdate=12 August 2015}}

Calvert expanded its fixed-income mutual funds in 2013 with the launch of Calvert Green Bond Fund.{{cite web|title=Calvert Investments Launches Green Bond Fund Meeting Investor Demand for Exposure to This Growing Space|url=http://www.businesswire.com/news/home/20131031005956/en/Calvert-Investments-Launches-Green-Bond-Fund-Meeting#.Vct-6aHD9Hh|website=Business Wire|date=31 October 2013 |accessdate=12 August 2015}}

John Streur was selected as Calvert's next CEO in 2014.{{cite web|last1=Holan|first1=Mark|title=Calvert Investments taps next CEO|url=http://www.bizjournals.com/washington/blog/2014/10/calvert-investments-taps-next-ceo.html|website=Washington Business Journal|accessdate=12 August 2015}}{{Cite web |date=2016-10-21 |title=With Calvert Acquisition, Eaton Vance Gets into ESG |url=https://www.institutionalinvestor.com/article/2bsy2ky9ka8lkp29bp79c/portfolio/with-calvert-acquisition-eaton-vance-gets-into-esg |access-date=2024-04-19 |website=Institutional Investor |language=en}}

In 2015, Calvert launched the Principles for Responsible Investment, which the firm uses to guide investment decisions, balancing a commitment to the needs of financial and non-financial stakeholders.{{cite web|title=Calvert Principles for Responsible Investment|url=http://www.calvert.com/NRC/literature/documents/TL10194.pdf|website=Calvert Investments|accessdate=12 August 2015|archive-url=https://web.archive.org/web/20150725224942/http://www.calvert.com/NRC/literature/documents/TL10194.pdf|archive-date=25 July 2015|url-status=dead}} Calvert's passive indices include companies on the basis of these principles and the results of a comprehensive research system, while Calvert's active investment strategies give priority to the principles as they seek superior risk adjusted financial returns relative to market benchmarks. In conjunction with the Principles for Responsible Investment, Calvert's research system developed an innovative, new method by coupling increasingly available ESG data and classic financial analysis. The Calvert Research System allows the firm to quantitatively rate and rank companies both inside their respective industry and across the entire investment universe in absolute terms.{{cite web|title=Calvert Responsible Index Series|url=http://www.calvert.com/perspective/equity-markets/calvert-responsible-index-series|website=Calvert Investments|accessdate=12 August 2015|archive-url=https://web.archive.org/web/20150813101316/http://www.calvert.com/perspective/equity-markets/calvert-responsible-index-series|archive-date=13 August 2015|url-status=dead}}

Calvert Investment Management (CIM) was purchased by Eaton Vance in 2017 and was replaced with Calvert Research and Management (CRM).{{cite web|title=Eaton Vance Closes Assets Acquisition of Calvert Investment|url=https://www.zacks.com/stock/news/244148/eaton-vance-closes-assets-acquisition-of-calvert-investment|accessdate=24 February 2017}}

In 2021, Morgan Stanley announced it was purchasing Eaton Vance for $7 billion.{{Cite news|last=Hoffman|first=Liz|date=2020-10-08|title=Morgan Stanley to Buy Eaton Vance for $7 Billion|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/morgan-stanley-to-buy-eaton-vance-in-deal-valued-at-7-billion-11602159806|access-date=2020-10-08|issn=0099-9660}} The deal was completed on March 1, 2021.{{Cite web|url=https://www.morganstanley.com/press-releases/morgan-stanley-closes-acquisition-of-eaton-vance|title=Morgan Stanley Closes Acquisition of Eaton Vance}}{{Cite web |title=Calvert seen as crown jewel in Eaton Vance acquisition |url=https://www.pionline.com/money-management/calvert-seen-crown-jewel-eaton-vance-acquisition |access-date=2024-04-23}}

The Calvert Foundation was founded in 1988 and is a Community Development Financial Institution (CDFI). Though the Calvert Foundation has a close relationship with Calvert Investments, the Foundation is a legally separate organization with its operations and mission. Today, the Calvert Foundation works in approximately 80 countries in varied sectors such as affordable housing development, microfinance, women's empowerment, fair trade and sustainable agriculture.{{cite web|title=History|url=http://www.calvertfoundation.org/about/history|website=Calvert Foundation|accessdate=12 August 2015}}

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Category:Financial services companies established in 1976

Category:Investment management companies of the United States

Category:Ethical investment

Category:2017 mergers and acquisitions