A successor for Jean-Marie Eveillard
has been found. Morningstar
reports that First Eagle
funds has hired Matt McLennan
to manage the First Eagle Global
and First Eagle Overseas
funds. McLennan, previously a portfolio manager with Goldman Sachs
, starts at First Eagle Sept. 8, 2008.
The hire represents new hope for First Eagle. Eveillard's former protege Charles de Vaulx
, who took over for the investing legend in January of 2005, abruptly departed the value shop in March of 2007. He joined International Value Advisers
, which was started by a group of First Eagle alums, in May of 2008. Eveillard was then forced to emerge from retirement to take over management of of the funds.
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