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Monday, April 02, 2007

De Vanishing

by: Erin Kello

There's a mystery brewing at First Eagle Funds. Two weeks ago, Charles De Vaulx was lead manager of First Eagle's Global, Overseas, Gold and U.S. Value funds and last week, he has vanished seemingly into thin air.

TheStreet.com reports that his departure was so sudden that there was not even a replacement available for him, prompting his predecessor, Jean-Marie Eveillard to come out of retirement and resume his former position. Hedda Nadler, a spokeswoman for the company told MFWire that the most likely place First Eagle will look for the permanent replacement is within the management team alredy in place at the fund.

Spokesmen for the company say that De Vaulx was not forced to resign, he left of his own accord citing "personal reasons." Speculation is that De Vaulx may have left to join a hedge fund. However, his contract with First Eagle still has three years left on it, limiting his ability to work for competitors.

 

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