First Eagle Investment Management announced in early November that it formed a division specifically dedicated to the 401(k) space. Now, the venerable investment firm says it’s filed to register its new retirement share classes, or R shares, for its mutual funds, which are scheduled to launch in March.
Calling the new shares a “transparent and complementary menu of pricing options” from which 401(k) plan fiduciaries can choose, the New York-based company also announced it hired Joseph Lee away from DoubleLine Capital in December to head its Retirement Platforms and Strategy division.
Lee will be responsible for building relationships with 401(k) plan record keepers and intermediaries, and he will also help develop the firm’s strategy for delivering solutions to group 401(k) plans and individual savers.
“As an investment manager, First Eagle pursues goals that are critically important savers—preservation of purchasing power, downside protection and attractive long-term returns,” Robert Bruno, head of retail distribution at First Eagle Investment Management and president of FEF Distributors, said in a statement. “Our record in these areas has already earned us the trust of a number of retirement plans, and the new share classes should make it easier for plans to access our investments through vehicles that are transparent and dedicated to this market.”
Lee will report to Michael Rosenberg, head of Retirement Investment Solutions.
“I am very pleased that we have attracted such an experienced and talented executive to First Eagle,” Rosenberg said. “His arrival at the firm and the addition of the four new share classes enhance our ability to help Americans saving for retirement.”
First Eagle created a dedicated 401(k) effort in November 2016 with the goal of helping American savers reach their investment goals. The Retirement Investment Solutions group will closely partner with financial advisors, investment consultants and retirement plan record keepers to provide investment solutions to plan sponsors, plan participants and individual savers.
Rosenberg added, “A shortfall in retirement savings continues to present significant challenges to many Americans. To make a positive difference in retirees’ lives, we think investments should combine attractive real returns over full market cycles with the ability to help prevent permanent impairment of capital in down periods—especially in the years just before and shortly after retirement. Our investment strategies seek to embody this combination.”
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
