First Eagle Investments

First Eagle Investments is an American active asset management firm headquartered in New York City. It traces its institutional lineage to Arnhold and S. Bleichroeder, a private banking and brokerage house founded in the nineteenth century, and it has operated under the First Eagle name since the early 2000s. The firm is primarily known as a manager of mutual funds and institutional separate accounts, with a product range spanning global and international equity, U.S. value equity, small-cap equity, high-yield and multi-sector fixed income, and gold and precious-metals strategies. First Eagle's best-known offering is the First Eagle Global Fund, a long-running global value portfolio managed for decades by Jean-Marie Eveillard and later by Matthew McLennan and Kimball Brooker. The firm's investment philosophy emphasizes downside protection, a long time horizon, and a willingness to hold cash and non-U.S. assets when valuations are unattractive — an approach that shaped its reputation during the dot-com bust and the 2008 financial crisis. Ownership has changed several times. The firm was long associated with the Arnhold family and the Bleichroeder banking tradition, and it later passed through a period of ownership by TA Associates and Blackstone before becoming majority employee-owned. Today First Eagle positions itself as an independent, employee-aligned active manager serving individual investors through intermediaries and institutions globally. Beyond traditional long-only equity and fixed income, First Eagle has expanded into alternatives and private markets, and it has made selective acquisitions to broaden its distribution and investment capabilities. Its brand rests on a conservative, research-driven value identity rather than on scale or index products.

First Eagle Investments' institutional history runs through Arnhold and S. Bleichroeder, a New York private banking and brokerage firm with nineteenth-century German-Jewish banking roots. That firm built an asset management business whose global value discipline, developed under investor Jean-Marie Eveillard, became its defining characteristic. Eveillard took over the firm's global value portfolios in the late 1970s and ran them with a defensive, valuation-driven approach that avoided technology stocks during the late-1990s bubble and held gold and non-U.S. assets when they were out of favor. The First Eagle brand was adopted in the early 2000s when the asset management business was separated from the brokerage operations and renamed First Eagle Funds / First Eagle Investment Management. The firm's flagship First Eagle Global Fund gained wide recognition for preserving capital through the 2000–2002 bear market and again in 2008, when its willingness to hold cash and gold cushioned losses. Ownership changed hands over the years. TA Associates held a stake in the manager, and in the mid-2010s Blackstone acquired a majority interest in First Eagle Investment Management. In 2020 the firm announced a transaction in which employees, led by management, would acquire majority ownership, returning First Eagle to an independent, employee-aligned structure. The firm has also expanded through acquisitions and lift-outs to add fixed income, small-cap and alternative capabilities, and it has broadened distribution into international and intermediary channels. Eveillard retired from day-to-day portfolio management in the late 2000s, handing the Global Fund to Matthew McLennan and later Kimball Brooker, who continued the firm's value and downside-protection philosophy. Today First Eagle markets itself as a long-tenured, research-driven active manager with a global client base of individuals, advisors and institutions.

• 2020

  Employees and management agree to acquire majority ownership, returning the firm to employee control.

• 2015

  Blackstone acquires a majority stake in First Eagle Investment Management.

• 2008

  First Eagle Global Fund's cash and gold holdings help cushion losses during the global financial crisis.

• 2000

  The asset management business is rebranded under the First Eagle name.

• 1979

  Jean-Marie Eveillard takes over the firm's global value portfolios, establishing its defensive value discipline.

• 1864

  Arnhold and S. Bleichroeder, the institutional predecessor of First Eagle, is founded as a New York private banking and brokerage house.

Independent, employee-owned active value manager emphasizing downside protection and long-horizon global investing.

• First Eagle Global Fund

• First Eagle Overseas Fund

• First Eagle Gold Fund

• First Eagle U.S. Value Fund

• First Eagle High Yield Fund

• Institutional separate accounts

• 2026.08.26

  Reported2026.08.26

  Victory Capital agrees to acquire First Eagle for about $7 billion[2]Victory Capital同意以约70亿美元收购First Eaglewealthmanagement.com

  Victory Capital Holdings Inc. agreed to buy First Eagle Investments in a deal valued at about $7 billion, comprising $4 billion in cash and $2 billion in newly issued shares, plus the assumption of $575 million of First Eagle's senior secured notes due in 2032. The combined firm would have about $571 billion in assets under management, with First Eagle retaining its brand and operating on Victory Capital's platform.

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1. 1First Eagle Investments official websitefirsteagle.com
2. 2Victory Capital同意以约70亿美元收购First Eaglewealthmanagement.com