We are pleased to announce that Thomas Kertsos has been named Portfolio Manager of First Eagle’s Gold Fund. In his new role, Thomas will continue to work with Portfolio Manager Matthew McLennan, and will remain a senior research analyst on the Global Value Team covering precious metals.
We are pleased to announce some important news about succession planning steps taking place at First Eagle. Our current CEO, Bridget Macaskill, is being appointed Chairman of the Board of First Eagle Holdings, Inc., the parent company of First Eagle. In March 2016, Bridget will transition her CEO responsibilities but will remain at First Eagle as a Senior Adviser to the Company and to the new CEO. While she remains fully committed to First Eagle, Bridget has decided, after a long and very successful career, to change the pace of her work activities and create more time for her other interests.
NEW YORK — December 1, 2015 – As announced on July 20, 2015 (see below), private equity funds managed by Blackstone Capital Partners (BCP) – the private equity arm of Blackstone – and Corsair Capital (Corsair), as well as a number of institutions and high-net-worth family offices who are clients of the two firms, have acquired an equity stake in First Eagle. Following regulatory and other customary approvals, the transaction closed on Dec 1, 2015.
First Eagle Investment Management (“First Eagle” or the “Firm”) today announced a definitive agreement under which a majority long-term investment in First Eagle would be made by private equity funds managed by Blackstone (NYSE:BX) and Corsair Capital (“Corsair”) as well as clients of the two firms. The investment, which reflects a total enterprise value of approximately $4 billion, is designed to ensure that First Eagle will continue to operate independently and to maintain its investment-centric culture. Additionally, as a result of the transaction, First Eagle employees will have an opportunity to meaningfully increase their equity ownership in the Firm. The investment is being made through First Eagle’s holding company, Arnhold and S. Bleichroeder Holdings Inc. The transaction includes the sale by TA Associates of its entire investment in First Eagle.