Dwight High-Yield Team Jumps Ship For First Eagle

Feb 1 2012 | 3:05pm ET

Ed Meigs and Sean Slein and their team of analysts have left Dwight Asset Management, an Old Mutual affiliate, for First Eagle Investment Management and they’ve taken their Lipper award-winning high-yield fund with them.

The fund, as Meigs told FINalternatives last May, was founded in “its current configuration” in November of 2007. “It was actually the combination of four funds that went back another three years to November 2004. But as far as the track record for this specific fund in this structure, it’s 2007,” said Meigs.

The $11 million fund won the 2011 Lipper award for gaining an average of 16.03% annually for the 3-year period ended December 31, 2010, during which period the category average was 7.11%.

According to the First Eagle press release, the fund “commenced operations in its present form on December 30, 2011, and is successor to another mutual fund pursuant to a reorganization on December 30, 2011.”

First Eagle has approximately $60 billion in assets under management and the new fund—which can be accessed through an institutional separate account or a registered mutual fund—is its first launch in 10 years.

“First Eagle has always aligned itself with our investors by investing alongside them. We are focused on capital preservation and we understand our clients’ needs for current income generation. We are also long-time investors in high yield,” said John Arnhold, First Eagle’s chairman and CIO, in a statement. “Adding a high-yield strategy was a logical extension of our equity offerings. We are very pleased to offer a fixed-income strategy that is so closely aligned with our focus on absolute returns and bottom-up fundamental research.”

According to the press release, Meigs and Slein, along with “a team of analysts from Dwight Asset Management Company,” joined First Eagle in October 2011.

“First Eagle’s go-anywhere approach, coupled with its attractive long-term track record, made the firm hugely attractive to us,” said Ed Meigs in the release. “We are honored to be part of a firm whose mission is focused on serving its clients, whatever the markets hold.”
 


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