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November 25, 2015 8:37 AM ET

Capital Markets

Company Overview of First Eagle Investment Management, LLC

Company Overview

First Eagle Investment Management, LLC is a privately owned investment manager. The firm provides its services to high net worth individuals, investment companies, pooled investment vehicles, pension and profit sharing plans, corporations, and state and municipal government entities. It manages separate client-focused equity, fixed income, and multi-asset portfolios. The firm manages equity, fixed income, and balanced mutual funds. It also launches and manages hedge funds. The firm invests in the public equity and fixed income markets across the globe. For its equity portfolios, it primarily invests in value stocks of small-cap companies. For its fixed income portfolios, the firm invests in ...

1345 Avenue of the Americas

48th Floor

New York, NY 10105-4300

United States

Founded in 1803





Key Executives for First Eagle Investment Management, LLC

President, Chief Executive Officer, and Director
Age: 67
Chief Financial Officer
Senior Vice President and Head of Institutional Team
General Counsel and Senior Vice President
Senior Vice President and Head of Distribution
Compensation as of Fiscal Year 2015.

First Eagle Investment Management, LLC Key Developments

SEC Charges First Eagle Investment Management and FEF Distributors with Improperly Using Mutual Fund Assets to Pay for Marketing and Distribution of Fund Shares

The Securities and Exchange Commission charged a New York-based investment adviser and its affiliated distributor with improperly using mutual fund assets to pay for the marketing and distribution of fund shares. First Eagle Investment Management and FEF Distributors agreed to pay nearly $40 million to settle the SEC's charges, the first brought under a recent SEC initiative to protect mutual fund shareholders. The money will be returned to the accounts of affected shareholders. An SEC investigation found that First Eagle and FEF unlawfully caused the First Eagle Funds to pay nearly $25 million for distribution-related services, rather than making the payments out of the firms' own assets (known as revenue sharing). Such payments can only come from fund assets pursuant to a written Rule 12b-1 plan that is approved by a fund's board. The case is the first arising out of a recent SEC initiative to protect mutual fund shareholders from bearing the costs when firms improperly use fund assets to pay for distribution-related services. Known as the Distribution-in-Guise Initiative, the SEC is seeking to determine whether some mutual fund advisers are improperly using fund assets to pay for distribution by masking the payments as sub-transfer agency (sub-TA) payments. According to the SEC's order instituting a settled administrative proceeding: Financial intermediaries often provide both distribution and shareholder services to mutual funds. It is unlawful to use fund assets to pay for distribution and marketing, unless such payments are made pursuant to the fund's 12b-1 plan; FEF entered into agreements with two financial intermediaries for their distribution and marketing services. However, First Eagle and FEF treated the agreements as though they were for sub-TA services and improperly used the funds' assets to pay the intermediaries for distribution and marketing; the distribution services payments were in addition to payments made to these intermediaries pursuant to the funds' written 12b-1 plan; First Eagle inaccurately reported to the funds' boards that the distribution and marketing fees paid to the intermediaries were sub-TA fees; the funds' prospectus disclosures also inaccurately stated that FEF or its affiliates were bearing distribution expenses not covered by the funds' Rule 12b-1 plan; the settlement relates to improper payments and disclosure failures that occurred from January 2008 to March 2014. The SEC's order finds that First Eagle willfully violated Section 206(2) of the Investment Advisers Act of 1940 and Section 34(b) of the Investment Company Act of 1940. First Eagle and FEF also caused the Funds to violate Section 12(b) of the Investment Company Act and Rule 12b-1. Without admitting or denying the findings, First Eagle agreed to pay disgorgement of $24,907,354 plus prejudgment interest of $2,340,525 and a penalty of $12.5 million. First Eagle and FEF agreed to cease and desist from further violations and FEF must retain an independent compliance consultant.

Blackstone, Corsair In Talks To Invest In First Eagle

Corsair Capital LLC and The Blackstone Group L.P. (NYSE:BX) are in talks to acquire a major stake in First Eagle Investment Management, LLC, valuing the company at around $4 billion, including debt, according to people familiar with the matter. The negotiations with First Eagle's owners, including buyout firm TA Associates, are expected to continue for weeks and a deal is not certain.

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