Latest news with #FirstEagle
AU Financial Review
07-07-2025
- Business
- AU Financial Review
A golden year for Wall Street's Australian stock picker
Of all the Australians who have made a name for themselves on Wall Street, Matthew McLennan can surely lay claim to be among the most prominent. Born in Papua New Guinea and raised in Queensland, McLennan landed in New York via Sydney and London and is now the co-head of First Eagle's global value team, overseeing the asset manager's $US62.3 billion ($94.7 billion) global fund.
Yahoo
15-06-2025
- Business
- Yahoo
Follow the Flows: Why Some Legacy Mutual Fund Firms Are Finally Exploring ETFs
There are some late bloomers in the world of ETFs. While some of the big names in the business have been in it for a couple decades, there are plenty of traditional mutual fund shops that have only recently made the leap. Others may still be considering if, and when, to add ETFs. Within a few months, though, the rules of the road are probably changing. The Securities and Exchange Commission is widely expected to start approving a dual-share class structure, which will allow companies to add ETF share classes to existing mutual funds and vice versa. But that hasn't stopped firms from adding stand-alone ETFs or converting mutual funds to them. In recent months, companies including Lazard, First Eagle, Parnassus, Praxis, Thornburg, and Tweedy, Browne, have added their first ETFs. They have good reason to get into the space: ETFs can offer tax efficiency, they trade intraday and they provide transparency that some investors want. One other important detail … they're cheap. New in Town: 'The tax advantages afforded by ETFs are simply too compelling to ignore,' said Bob Wykoff, managing director at Tweedy, Browne, which in December launched the Insider + Value ETF, its first product in the wrapper. 'We've had an interest in ETFs for a very, very long time. But finding how we would come at it took us some time. There was a long learning curve.' There are more than a few factors motivating asset managers to add ETFs. Actually, there are billions and trillions of them: READ ALSO: Financial Uncertainty Spurs Anxiety and Depression and How Advisors Can Harness Media to Reach Gen Z Capturing a share of those inflows requires investment, however. Fund companies either have to hire staff to help build out a platform or go with a third-party provider. First Eagle Investments, a $152 billion asset manager, opted to use RBB's series trust rather than building its own for the two active equity ETFs it launched last year. 'We definitely felt there was some urgency in getting to market,' said Frank Riccio, head of US wealth solutions at First Eagle. 'We're borrowing their expertise … They were critical to us getting to market within six months.' The arrangement doesn't preclude First Eagle from adding its own ETF trust later, something the firm is likely to do if it makes sense financially, he said. For mutual fund companies expanding into ETFs, several options are available, Daniel Sotiroff, Morningstar senior analyst for passive strategies research, told ETF Upside: They can convert existing mutual funds to ETFs. Asset managers can simply add new ETFs, which in some cases are strategy clones of existing mutual funds. The third option, pending SEC approval, is adding an ETF share class. A considerable number of firms have opted to convert mutual funds into ETFs. A drawback to that tactic is that fund investors must have brokerage accounts to receive shares of the ETFs, Sotiroff said. Unlike ETFs, mutual fund shares can be owned outside of brokerage accounts, which is where the difficulty arises. 'That's one of the hurdles they have to get through, if they want a good client experience in all of this,' Sotiroff said. Another not-so-insignificant issue is that ETFs do not have the revenue-sharing fees that some mutual fund shares do, which means that broker-dealers may not be compensated by ETF sales. And that may keep some distributors from approving the all-but-certain wave of ETFs that will follow from dual-share approval, unless they reach alternative compensation agreements with asset managers. Companies like T. Rowe Price and Capital Group have added products that mimic the investment strategies of existing mutual funds, Sotiroff noted. But creating clones isn't the only way to go. Tweedy, Browne, for example, added a fresh strategy via its first ETF. Like First Eagle, that firm used RBB's series trust to bring its ETF to market. 'I would say it's somewhat experimental,' managing director John Spears said of the investment thesis of the ETF launched last December. The company has long studied insider buying, and data it analyzed from 2022 and 2023 led to interest in an international strategy. An ETF turned out to be a better tool for the job than a mutual fund, he said. 'We've always been long-term investors,' Wyckoff said. But the data from the firm's insider buying study showed that the best results came from owning stocks from six months to as long as three years. 'It became clear to us that there may be a shorter holding period for these shares, so tax efficiency became even more important in the process,' he said. If At First You Don't Succeed … Russell Investments added exchange-traded funds at the end of May. The $332 billion global asset manager introduced a suite of five subadvised active products, which brought the company back into the world of ETFs. It isn't the firm's first go-round, as it briefly operated a line of more than two dozen funds starting in 2010, data from Morningstar Direct show. All of those, except one actively managed fund, were liquidated in 2012 following low sales. The single remaining ETF was killed off in 2015. Many firms, however, have taken first stabs at ETFs this year. Among 31 asset managers, a total of 44 ETFs have been launched through mid-June 2025, according to data from Morningstar Direct. Share and Share Alike: A massive bonus for mutual fund sponsors waiting for the advent of dual-share classes is tax savings. Mutual funds sitting on years of capital gains can potentially work some of those off via the in-kind redemptions in an ETF share class. Still, there are potential drawbacks even beyond ETFs being less advantageous to distributors, Sotiroff said. 'The biggest hurdle I see is the capacity concern. A fair amount of active managers have a limit in what they can manage before they lose their edge,' he said. 'You can't really shut the ETF down to new money.' Further, advisors may not necessarily want the clone of a mutual fund strategy in the form of an ETF, First Eagle's Riccio said. Even so, that firm is among those asking the SEC for permission to add an ETF share class, he said, adding that they want to have the option. Tweedy, Browne, which also recently applied for dual share class approval, sees it as an evolution of the business. 'We wouldn't be around for 140 years if we didn't adapt, and the ETF world seems to be the brave new world,' Wyckoff said. 'We're going to be part of it.' This post first appeared on The Daily Upside. To receive financial advisor news, market insights, and practice management essentials, subscribe to our free Advisor Upside newsletter. Sign in to access your portfolio
Business Wire
02-06-2025
- Business
- Business Wire
First Eagle Investments Expands Fixed Income Platform with Launch of Tactical Municipal Opportunities Fund
NEW YORK--(BUSINESS WIRE)--First Eagle Investments ("First Eagle") today announced the launch of the First Eagle Tactical Municipal Opportunities Fund (Class I: FTAIX), the firm's first municipal bond interval fund. Designed for investors seeking high current income exempt from regular federal income tax, the Fund also pursues capital appreciation as a secondary objective. Structured as a continuously offered, closed-end interval fund, the Tactical Municipal Opportunities Fund offers investors quarterly liquidity via scheduled repurchase offers of outstanding shares at net asset value. This structure enables the portfolio management team to invest in less liquid, higher-yielding segments of the municipal market that are typically unavailable to daily-liquidity strategies while still offering shareholders a defined path to liquidity. Benchmarked to the S&P Municipal Yield Index and distributing income monthly, the Fund will normally invest at least 80% of its net assets in municipal bonds whose interest is exempt from regular federal income taxes. The strategy uses a bottom-up, credit-focused research process to uncover relative value and identify opportunities that may be overlooked by more conventional approaches. Under typical market conditions, the fund will maintain a significant allocation to noninvestment-grade and unrated municipal bonds. It may also invest up to 25% in special situations securities, such as bonds from issuers that seek custom financing due to market or issuer considerations, are in default of their obligations, are in bankruptcy, or that are otherwise determined by the fund's investment adviser to be facing distressed financial or operating circumstances. These scenarios may offer compelling return potential when supported by in-depth credit analysis. The portfolio is constructed by first screening issuers for creditworthiness, limiting exposure to individual credits, mitigating interest rate risk and maximizing overall call protection, and seeks diversification across sectors and geographies. 'Today's municipal bond market demands a more agile and discerning approach, as investors navigate shifting interest rates and disperse and ever-changing credit spreads,' said John Miller, Chief Investment Officer and Head of the Municipal Credit team at First Eagle. 'This fund reflects our conviction that thoughtful credit selection and the ability to invest beyond the confines of traditional benchmarks can uncover opportunities others might miss. By broadening the investable universe and applying a disciplined risk analysis, we aim to deliver meaningful, tax-advantaged income while helping to protect investor capital.' 'We're seeing growing demand from financial advisors and clients for solutions that can help navigate today's rate environment while still delivering reliable, tax-advantaged income,' said Frank Riccio, Head of US Wealth Solutions at First Eagle. 'This fund expands our municipal offering with a structure that supports less liquid opportunities and a strategy aligned with long-term portfolio resilience. It's a timely addition for investors seeking more intentional, credit-aware exposure to the muni market.' 'As we continue to broaden our fixed income capabilities, the launch of this fund builds on the strong foundation John has established through the expertise and cohesion of this research and trading team,' said Carl Katerndahl, Chief Operating Officer of the Municipal Credit Team. 'It's a natural extension of our platform and reflects our commitment to delivering differentiated income strategies.' The opinions expressed are not necessarily those of the firm. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Any statistics contained herein have been obtained from sources believed to be reliable, but the accuracy of this information cannot be guaranteed. The views expressed herein may change at any time subsequent to the date of issue hereof. The information provided is not to be construed as a recommendation or an offer to buy or sell or the solicitation of an offer to buy or sell any fund or security. Past performance is not indicative of future results. Risk Disclosures First Eagle Tactical Municipal Opportunities Fund (the 'Fund') may invest in high yield, fixed income securities that, at the time of purchase, are non-investment grade. High yield, lower rated securities involve greater price volatility and present greater risks than high rated fixed income securities. High yield securities are rated lower than investment-grade securities because there is a greater possibility that the issuer may be unable to make interest and principal payments on those securities. High yield securities involve greater risk than higher rated securities and portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Municipal bonds are subject to credit risk, interest rate risk, liquidity risk, and call risk. However, the obligations of some municipal issuers may not be enforceable through the exercise of traditional creditors' rights. The reorganization under federal bankruptcy laws of a municipal bond issuer may result in the bonds being cancelled without payment or repaid only in part, or in delays in collecting principal and interest. The Fund's investment in bonds is subject to interest-rate risk and can lose principal value when interest rates rise, while they typically increase their principal values when interest rates decline. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner, or that negative perception of the issuer's ability to make such payments may cause the price of that bond to decline. Income generation is not guaranteed. If dividend paying stocks in the Fund's portfolio stop paying or reduce dividends, the Fund's ability to generate income will be adversely affected. Special situations municipal securities present both unusual opportunities and challenges. The investment adviser's ability to succeed in these efforts will require skills and techniques that are different from or in addition to the skills and techniques used by a typical municipal investment manager. There is no assurance that the investment adviser will succeed in its efforts, or that market circumstances will end up being favorable to deriving outsized returns from investments in special situations municipal securities. All investments involve the risk of loss of principal. Diversification does not guarantee investment returns and does not eliminate the risk of loss. The Fund is not subject to prospectus or regulatory diversification requirements. All or a portion of the exempt-interest dividends may be taken into account in determining the alternative minimum tax on shareholders who are individuals. Shareholders that are generally exempt from U.S. federal income tax, such as shareholders investing through tax qualified accounts and nonresident aliens or foreign entities, will not gain additional tax benefit from the exempt-interest dividends that are expected to be paid by the Fund or gain any other tax benefit. Because the Fund's pre-tax returns generally will be lower than those of funds that own taxable debt instruments of comparable quality, an investment in the Fund may not be suitable investment for those kinds of investors. The information is not intended to provide and should not be relied on for accounting or tax advice. You should consult your tax advisor regarding the U.S. federal, state, local and foreign income and other tax consequences to you of the acquisition, ownership and disposition of shares in the Fund. S&P Municipal Yield Index measures the performance of high yield and investment grade municipal bonds. Index constituents are market value-weighted and adjusted for credit rating and concentration limits. Indexes are unmanaged and one cannot invest directly in an index. Investors should consider investment objectives, risks, charges and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the Funds and may be viewed at You may also request printed copies by calling us at 800-747-2008. Please read our prospectus carefully before investing. Investments are not FDIC insured or bank guaranteed and may lose value. FEF Distributors, LLC ('FEFD') (SIPC), a limited purpose broker-dealer, distributes certain First Eagle products. FEFD does not provide services to any investor, but rather provides services to its First Eagle affiliates. As such, when FEFD presents a fund, strategy, or other product to a prospective investor, FEFD and its representatives do not determine whether an investment in the fund, strategy or other product is in the best interests of, or is otherwise beneficial or suitable for, the investor. No statement by FEFD should be construed as a recommendation. Investors should exercise their own judgment and/or consult with a financial professional to determine whether it is advisable for the investor to invest in any First Eagle fund, strategy, or product. First Eagle Investments is the brand name for First Eagle Investment Management, LLC and its subsidiary investment advisers. The First Eagle Funds are offered by FEF Distributors, LLC, a subsidiary of First Eagle Investment Management, LLC, which provides advisory services. © 2025 First Eagle Investment Management, LLC. All rights reserved. About First Eagle Investments First Eagle Investments is an independent, privately owned investment management firm headquartered in New York with approximately $152 billion in assets under management as of March 31, 2025. * Dedicated to providing prudent stewardship of client assets, the firm focuses on active, fundamental and benchmark-agnostic investing, with a strong emphasis on downside mitigation. With a heritage dating back to 1864, First Eagle strives to help clients avoid permanent impairment of capital and earn attractive returns through widely varied economic cycles. The firm's investment capabilities include equities, fixed income and currencies, alternative credit and real assets. For more information, please visit All figures related to assets under management (AUM) are preliminary figures based on management's estimates and as such are subject to change. *The total AUM represents the combined AUM of (i) First Eagle Investment Management, LLC, (ii) its subsidiary investment advisers, First Eagle Separate Account Management, LLC, First Eagle Alternative Credit ('FEAC') and Napier Park Global Capital ('Napier Park'), and (iii) Regatta Loan Management LLC, an advisory affiliate of Napier Park as of March 31, 2025. It includes $0.6 billion of committed and other non-fee-paying capital from First Eagle Alternative Credit, LLC and $3.1 billion of committed and other non-fee-paying capital from Napier Park Global Capital, inclusive of assets managed by Regatta Loan Management LLC. First Eagle Investments is the brand name for First Eagle Investment Management, LLC and its subsidiary investment advisers.
Yahoo
27-05-2025
- Business
- Yahoo
Rémi Casals Joins First Eagle Investments as Head of International Wealth Solutions
Appointment supports firm's long-term strategy to expand international presence and strengthen global partnerships NEW YORK, May 27, 2025--(BUSINESS WIRE)--First Eagle Investments ("First Eagle") today announced the appointment of Rémi Casals as Executive Managing Director, Head of International Wealth Solutions (IWS). Casals leads the team responsible for the firm's international wholesale distribution business, which comprises approximately $10 billion in assets through its partnership with Amundi Asset Management and its Ireland-based ICAV investment offerings. He joins the firm's Partnership Committee and reports directly to Mehdi Mahmud, President and Chief Executive Officer. With 25 years of experience delivering investment solutions to clients globally, Casals brings deep expertise across public markets as well as alternative strategies. Most recently, he served as Global Head of Fixed Income Business at Vontobel Asset Management, where he led a team focused on marketing fixed income investments to high-net-worth and ultra-high-net-worth investors, family offices and institutions. Previously, Casals held executive and senior distribution roles at Aviva Investors, Rogge Global Partners, AXA Investment Managers and BlackRock, with a focus on European and international markets. He holds an executive MBA from London Business School, a master's degree in management from ESCP Business School and a master's degree in political science from Sciences Po Strasbourg. In addition to leading the team responsible for distributing First Eagle strategies across non-US wealth channels, Casals will help drive the firm's global growth strategy. His appointment underscores First Eagle's ongoing commitment to expanding its footprint outside the US and delivering differentiated, actively managed investment solutions to clients worldwide. "Rémi brings a wealth of experience across products and market segments," said Mahmud. "I expect his leadership skills to further our efforts to broaden our reach in markets outside the US." "First Eagle has a well-established reputation for thoughtful, long-term investing and a strong commitment to client outcomes," said Casals. "I'm excited to join the firm at a time of growing global opportunities. I look forward to deepening our relationships with wealth partners and expanding access to First Eagle's distinctive strategies." The opinions expressed are not necessarily those of the firm. These materials are provided for informational purposes only. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Any statistics contained herein have been obtained from sources believed to be reliable, but the accuracy of this information cannot be guaranteed. The views expressed herein may change at any time subsequent to the date of issue hereof. The information provided is not to be construed as a recommendation to buy, hold or sell or the solicitation or an offer to buy or sell any fund or security. About First Eagle Investments First Eagle Investments is an independent, privately owned investment management firm headquartered in New York with approximately $152 billion in assets under management as of March 31, 2025.* Dedicated to providing prudent stewardship of client assets, the firm focuses on active, fundamental and benchmark-agnostic investing, with a strong emphasis on downside mitigation. With a heritage dating back to 1864, First Eagle strives to help clients avoid permanent impairment of capital and earn attractive returns through widely varied economic cycles. The firm's investment capabilities include equities, fixed income and currencies, alternative credit and real assets. For more information, please visit All figures related to assets under management (AUM) are preliminary figures based on management's estimates and as such are subject to change. *The total AUM represents the combined AUM of (i) First Eagle Investment Management, LLC, (ii) its subsidiary investment advisers, First Eagle Separate Account Management, LLC, First Eagle Alternative Credit ("FEAC") and Napier Park Global Capital ("Napier Park"), and (iii) Regatta Loan Management LLC, an advisory affiliate of Napier Park as of March 31, 2025. It includes $0.6 billion of committed and other non-fee-paying capital from First Eagle Alternative Credit, LLC and $3.1 billion of committed and other non-fee-paying capital from Napier Park Global Capital, inclusive of assets managed by Regatta Loan Management LLC. Residents of United Kingdom: This material is issued by First Eagle Investment Management, LLC and is lawfully distributed in the United Kingdom by First Eagle Investment Management, Ltd. First Eagle Investment Management, Ltd is authorised and regulated by the Financial Conduct Authority (FRN: 798029) in the United Kingdom. First Eagle Investments is the brand name for First Eagle Investment Management, LLC and its subsidiary investment advisers. © 2025 First Eagle Investment Management, LLC. All rights reserved. View source version on Contacts Media First Eagle InvestmentsPholida Mount & NadlerHedda Nadler or Andrew Greene212-759-4440andrew@ Lansons Team FarnerEva Murphy+44 7810520473EvaM@ Stanley WhiteCDR Consultancy+81(0)3 4360 9304/+81(0)80 4890 Error while retrieving data Sign in to access your portfolio Error while retrieving data
Yahoo
27-05-2025
- Business
- Yahoo
Rémi Casals Joins First Eagle Investments as Head of International Wealth Solutions
Appointment supports firm's long-term strategy to expand international presence and strengthen global partnerships NEW YORK, May 27, 2025--(BUSINESS WIRE)--First Eagle Investments ("First Eagle") today announced the appointment of Rémi Casals as Executive Managing Director, Head of International Wealth Solutions (IWS). Casals leads the team responsible for the firm's international wholesale distribution business, which comprises approximately $10 billion in assets through its partnership with Amundi Asset Management and its Ireland-based ICAV investment offerings. He joins the firm's Partnership Committee and reports directly to Mehdi Mahmud, President and Chief Executive Officer. With 25 years of experience delivering investment solutions to clients globally, Casals brings deep expertise across public markets as well as alternative strategies. Most recently, he served as Global Head of Fixed Income Business at Vontobel Asset Management, where he led a team focused on marketing fixed income investments to high-net-worth and ultra-high-net-worth investors, family offices and institutions. Previously, Casals held executive and senior distribution roles at Aviva Investors, Rogge Global Partners, AXA Investment Managers and BlackRock, with a focus on European and international markets. He holds an executive MBA from London Business School, a master's degree in management from ESCP Business School and a master's degree in political science from Sciences Po Strasbourg. In addition to leading the team responsible for distributing First Eagle strategies across non-US wealth channels, Casals will help drive the firm's global growth strategy. His appointment underscores First Eagle's ongoing commitment to expanding its footprint outside the US and delivering differentiated, actively managed investment solutions to clients worldwide. "Rémi brings a wealth of experience across products and market segments," said Mahmud. "I expect his leadership skills to further our efforts to broaden our reach in markets outside the US." "First Eagle has a well-established reputation for thoughtful, long-term investing and a strong commitment to client outcomes," said Casals. "I'm excited to join the firm at a time of growing global opportunities. I look forward to deepening our relationships with wealth partners and expanding access to First Eagle's distinctive strategies." The opinions expressed are not necessarily those of the firm. These materials are provided for informational purposes only. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Any statistics contained herein have been obtained from sources believed to be reliable, but the accuracy of this information cannot be guaranteed. The views expressed herein may change at any time subsequent to the date of issue hereof. The information provided is not to be construed as a recommendation to buy, hold or sell or the solicitation or an offer to buy or sell any fund or security. About First Eagle Investments First Eagle Investments is an independent, privately owned investment management firm headquartered in New York with approximately $152 billion in assets under management as of March 31, 2025.* Dedicated to providing prudent stewardship of client assets, the firm focuses on active, fundamental and benchmark-agnostic investing, with a strong emphasis on downside mitigation. With a heritage dating back to 1864, First Eagle strives to help clients avoid permanent impairment of capital and earn attractive returns through widely varied economic cycles. The firm's investment capabilities include equities, fixed income and currencies, alternative credit and real assets. For more information, please visit All figures related to assets under management (AUM) are preliminary figures based on management's estimates and as such are subject to change. *The total AUM represents the combined AUM of (i) First Eagle Investment Management, LLC, (ii) its subsidiary investment advisers, First Eagle Separate Account Management, LLC, First Eagle Alternative Credit ("FEAC") and Napier Park Global Capital ("Napier Park"), and (iii) Regatta Loan Management LLC, an advisory affiliate of Napier Park as of March 31, 2025. It includes $0.6 billion of committed and other non-fee-paying capital from First Eagle Alternative Credit, LLC and $3.1 billion of committed and other non-fee-paying capital from Napier Park Global Capital, inclusive of assets managed by Regatta Loan Management LLC. Residents of United Kingdom: This material is issued by First Eagle Investment Management, LLC and is lawfully distributed in the United Kingdom by First Eagle Investment Management, Ltd. First Eagle Investment Management, Ltd is authorised and regulated by the Financial Conduct Authority (FRN: 798029) in the United Kingdom. First Eagle Investments is the brand name for First Eagle Investment Management, LLC and its subsidiary investment advisers. © 2025 First Eagle Investment Management, LLC. All rights reserved. View source version on Contacts Media First Eagle InvestmentsPholida Mount & NadlerHedda Nadler or Andrew Greene212-759-4440andrew@ Lansons Team FarnerEva Murphy+44 7810520473EvaM@ Stanley WhiteCDR Consultancy+81(0)3 4360 9304/+81(0)80 4890
