Eaton Vance Corp. announced it has acquired the assets of wealth and investment advisory services firm Pelican Investment Management.

Pelican principals Anthony Pell, David Callard and John Paolella will join Eaton Vance Investment Council, a subsidiary of Eaton Vance Corp. according to a press release. Terms of the transaction were not disclosed. 

With offices in New York and Boston, Pelican has more than $500 million of client assets under advisement. It provides and develops customized investment advisory strategies for individuals, families and related charitable entities. Eaton Vance, a Boston-based investment manager, said Pelican's wealth management capabilities will provide a new dimension to Eaton Vance's Investment Council's management services.

"This transaction provides substantive opportunities for Eaton Vance Investment Counsel and the Pelican team to deepen client relationships," G. West Saltonstall, president of Eaton Vance Investment Counsel, said in a statement.

"Our clients will benefit from a higher level of support and access to a deep research bench in the direct management side of our business across a broad spectrum of areas," Pell said.

Founded in 1924, Eaton Vance Corp. and its affiliates managed $191.7 billion in client assets as of January 31, 2011.