August 20, 2017 4:04 PM 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 and Chief Executive Officer
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 2017.

First Eagle Investment Management, LLC Key Developments

First Eagle Investment Management Launches Retirement Suite

First Eagle Investment Management has launched a suite of retirement share classes for its mutual fund line-up. The new R3, R4, R5 and R6 shares, available for purchase on March 1, 2017, represent a transparent and complementary menu of pricing options from which retirement plan fiduciaries can choose the share class most suited to the needs of their plan. The new retirement share classes are available without investment minimums or front-end sales charges and offer varying levels of intermediary compensation, including 12b-1 and sub-TA fees. The R6 shares do not include any form of intermediary compensation and represent the lowest-cost offering among the newly launched shares. First Eagle created a dedicated retirement effort in November 2016 with the goal of helping American retirement savers reach their investment goals. The Retirement Investment Solutions group closely partners with financial advisors, investment consultants and retirement plan recordkeepers to provide investment solutions to plan sponsors, plan participants and individual retirement savers.

First Eagle Investment Management Names Michael Rosenberg as Head of Retirement Investment Solutions Group

First Eagle Investment Management announced that it has formed the Retirement Investment Solutions group and hired Michael Rosenberg as its head. Working closely with First Eagle’s retail and institutional distribution teams, the new group will partner with financial advisors, investment consultants and retirement plan recordkeepers to deliver investment solutions to plan sponsors, plan participants and individual retirement savers. Rosenberg reports to Robert Bruno, head of retail distribution for First Eagle Investment Management and president of FEF Distributors. Rosenberg joins First Eagle from Prudential Investments, a unit of Prudential Financial and Prudential Investment Management Services Co., where he was executive VP and director of IODC (investment-only defined contribution). In that role, Rosenberg was in charge of Prudential Investment’s distribution strategy and sales to plan sponsors, consultants, intermediaries and retirement platforms. Prior to joining Prudential in 2007, Rosenberg spent nine years with Goldman Sachs Asset Management, where he was director of retirement services. He also spent 11 years marketing retirement plan services at ABN AMRO.

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.

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