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Friday, June 24, 2011

First Eagle Hunts for Opportunity in Arbitrage

News summary by MFWire's editors

Ten years after its last mutual fund launch, First Eagle Funds [see profile] is preparing a new offering. The Manhattan-based fund firm will soon launch its own Arbitrage Opportunity Fund, its sixth mutual fund [see filing].

A spokeswoman for First Eagle declined to comment for this story, citing the registration period.

The new merger arbitrage mutual fund was previously an unregistered investment fund. It will feature: A shares for a 500-basis-point front-end load and 257 bps in annual expenses; C shares with a 100-bps deferred load and 332 bps in expenses; and I shares with 232 bps in expenses. Jason Dahl and Jonathan Spitzer will continue to PM the fund in its new form. First Eagle did not list a launch date.

First Eagle will handle distribution of the fund itself. DST will serve as transfer agent,State Street as custodian, and PricewaterhouseCoopers as independent accounting firm. 

Edited by: Neil Anderson, Managing Editor

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