First Eagle Investments is a US
investment management
Investment management is the professional asset management of various securities, including shareholdings, bonds, and other assets, such as real estate, to meet specified investment goals for the benefit of investors. Investors may be institut ...
company based in New York City that is an adviser to the ''First Eagle Funds''. The company manages a number of investment strategies and
Investment fund
An investment fund is a way of investing money alongside other investors in order to benefit from the inherent advantages of working as part of a group such as reducing the risks of the investment by a significant percentage. These advantages inc ...
s including the First Eagle Global Fund, First Eagle Overseas Fund and First Eagle Fund of America.
History
First Eagle Investments traces its heritage to a family owned bank, Gebr. Arnhold (Arnhold Brothers) founded in 1864 in Dresden, Germany. In 1931, Hans Arnhold combined his firm with S. Bleichroeder to form Arnhold and S. Bleichroeder. In 1937, Hans Arnhold as Chairman and his son-in-law, Stephen Kellen, as CEO restarted the firm's activities in New York City, where the firm remains headquartered until the present day.
The firm launched its first offshore fund, First Eagle Fund N.V in 1967, followed by its first US-registered mutual fund, First Eagle Fund of America in 1987 whose initial portfolio manager was Michael Kellen.
In 1999, Arnhold and S. Bleichroeder acquired the majority share of Société Générale Asset Management, a subsidiary of the French bank
Société Générale
Société Générale S.A. (), colloquially known in English as SocGen (), is a French-based multinational financial services company founded in 1864, registered in downtown Paris and headquartered nearby in La Défense.
Société Générale ...
whose investment team managed global value equity strategies. At that time, the firm became the
investment adviser
A financial adviser or financial advisor is a professional who provides financial services to clients based on their financial situation. In many countries, financial advisors must complete specific training and be registered with a regulatory ...
to the First Eagle Funds, including the SocGen International Fund, later named the First Eagle Global Fund. The team managing these strategies became First Eagle's Global Value Team.
In 2002 the firm exited investment banking and global businesses to focus exclusively on investment management. In 2009 Arnhold and S. Bleichroeder renamed into First Eagle Investment Management.
Private equity companies
Blackstone Group
Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate b ...
and Corsair Capital acquired a majority stake in the firm in 2015. Founding families and employees maintain a significant ownership stake in First Eagle.
First Eagle Investment Management added alternative credit capabilities via the acquisitions of NewStar Financial in 2017, and THL Credit in 2020, subsequently renamed as First Eagle Alternative Credit.
As of 2020 the firm’s investment capabilities focus on equities, fixed income, multi-asset and alternative credit. Key investment strategies include: Global Value, International Value, U.S. Value, U.S. Dividend Equity, Global Income, Gold, High Yield, Broadly Syndicated Loans and Direct Lending.
Funds
The First Eagle Global Value team manages seven mutual funds: First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund, First Eagle High Yield Fund, First Eagle Fund of America and First Eagle Credit Opportunities Fund. The First Eagle Alternative Credit team manages First Eagle Alternative Capital BDC, Inc., and First Eagle Senior Loan Fund.
References
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External links
First Eagle Funds Official WebsiteFirst Eagle Investment Management Official WebsiteFirst Eagle Alternative Credit Official Website
Investment management companies of the United States
Companies based in New York City