has made an official five-year commitment to First Eagle Funds
. In the wake of the sudden disappearance of Charles De Vaulx
, the lead manager of First Eagle's Global, Overseas, Gold and U.S. Value Funds
in the beginning of April, Eveillard has been the interim manager of the funds. Today's announcement says that Eveillard will lead the portfolio management team and assist in overseeing a succession plan.
and Charles Edouard de Lardemelle
are the first cogs to be put into the wheel of succession. Fenwick has been promoted to co-manager of the First Eagle Gold Fund
and de Lardemelle has been named associate portfolio manager of the First Eagle Global, Overseas, U.S. Value and Overseas Variable Funds
Jean-Marie Eveillard has agreed to a 5 year commitment with Arnhold and S. Bleichroeder Advisers and the First Eagle Funds. He will lead the portfolio management team and assist in overseeing a succession plan. Mr. Eveillard will be actively involved in the portfolio management of the First Eagle Funds for a period of two years while remaining as a senior adviser to the analysts and management of the firm for three years after, it was announced by John P. Arnhold, Chairman and CEO of Arnhold and S. Bleichroeder Advisers.
In making the announcement, he said, “We are happy that Jean-Marie has made a commitment to First Eagle where he will be responsible for the day-to-day portfolio management of the funds, as well as the further development of our team of analysts.”
Charles Edouard de Lardemelle, CFA, and Director of Research for First Eagle Funds, has been named Associate Portfolio Manager of First Eagle Global, Overseas, U.S. Value and Overseas Variable Funds.
Mr. Arnhold noted, “We are pleased to promote Chuck to this position, as he has worked closely with Jean-Marie in overseeing our team of eight analysts. He has been with the firm since 1996.”
In addition, Simon Fenwick has been promoted to co-manager of First Eagle Gold Fund. He had been associate portfolio manager since January 2005, having joined First Eagle Funds in March 2003.
“This is a solid beginning for First Eagle’s succession plan, as we have always had an analyst-driven process,” Mr. Arnhold stated. He continued, “We are confident we are going to have another seamless transition as we nurture our in-house talent to create our portfolio management team over the next 12-24 months.”
Commenting on the promotions, Jean-Marie Eveillard stated that, “It is a great pleasure to have Chuck assume this position. It is well earned as he is a superb research analyst and knows all of the portfolio names. Simon, too, is eminently qualified to run the Gold Fund as he has been involved with the portfolio management of the fund for over two years. We have also hired two additional analysts who will start within the next month. We have always considered our group of analysts to be at the heart of our operations.”
Charles Edouard de Lardemelle, 34¸ is Senior Vice President of Arnhold and S. Bleichroeder Advisers, LLC and Director of Research for First Eagle Funds’ Global Value Group.
He earned his post-graduate degree in Finance at EDHEC in Lille, France and holds the CFA designation. He joined the research team in October 1996 and in January 2005, was named Co-Director of Research. He covers the capital goods, hotels, technology, services, transportation, paper/forest products and restaurant industries as well as French, North Asian and Latin American companies.
Simon Fenwick, 36, joined First Eagle Funds in March 2003 and assumed the role of Associate Portfolio Manager of First Eagle Gold Fund in January 2005.
Mr. Fenwick is a graduate of Queensland University and completed his post-graduate studies with the Securities Institute of Australia. He acted as an equity research analyst for 10 years prior to joining First Eagle, most recently at SG Securities. In addition to his portfolio management duties, he covers the precious and base metals, industrial, utilities and food and beverage industries, as well as Australia, New Zealand, Canada, Japan and South Africa.
First Eagle Funds are advised by Arnhold and S. Bleichroeder Advisers, LLC and are offered by First Eagle Funds Distributors, a division of ASB Securities, LLC. The funds’ management team incorporates a highly disciplined in-house research process to uncover hidden value for its shareholders using its global perspective to identify investment opportunities. First Eagle U.S. Value and First Eagle Fund of America are open to all new investors. First Eagle Global, Overseas and Gold Funds are closed to new investors. For additional information, log on to firsteaglefunds.com or call 1-800-334-2143.
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