Arnhold and S. Bleichroeder Advisers, LLC ("ASBA") today announced Professor Bruce C. N. Greenwald has agreed to join ASBA as Director of Research for its Global Value Group. Professor Greenwald holds the Robert Heilbrunn Professorship of Finance and Asset Management at Columbia Business School and is the academic Director of the Heilbrunn Center for Graham & Dodd Investing. Described by the "˜New York Times' as "a guru to Wall Street's gurus", Professor Greenwald has authored several books on value investing, and is a much sought-out lecturer and commentator on global investing. ASBA is the investment adviser to the First Eagle Funds.
Professor Greenwald joins Jean-Marie Eveillard, First Eagle's long-time Portfolio Manager, pairing two of global value investing's leading authorities.
"Bruce is one of the most respected experts on value investing," said Mr. Eveillard. "I have known Bruce for several years and I look forward to working closely with him. Bruce will help us build the investment staff and we will also benefit from his broad investment insights. I expect to remain fully engaged with First Eagle Funds."
Professor Greenwald said, "I have great respect for Jean-Marie and his body of work. I am thrilled to join Arnhold and S. Bleichroeder Advisers and its esteemed group of investment professionals. I believe that value investing is the one investment technique that has produced above average returns over the long-term. As a part of the global value investment team, I will be able to work directly with the investment staff in applying the fundamental principles of value investing for the benefit of our clients and shareholders."
John P. Arnhold, Chairman and CEO of Arnhold and S. Bleichroeder Advisers, LLC, said: "We continue to build our investment team with individuals who are dedicated to the firm's style of value investing. The addition of Bruce as Director of Research will provide our investment team with broad expertise and help the firm continue to retain and attract world-class investment talent."
First Eagle also announced that Abhay Deshpande has been named Associate Portfolio Manager and will assist Mr. Eveillard in all aspects of the management of First Eagle Global, Overseas, U.S. Value and Overseas Variable Fund. Mr. Deshpande has been with ASBA since 2000, including serving as a senior member of the First Eagle research group and portfolio manager for a number of client accounts. First Eagle is also expanding its Global Value group with the addition of two research analysts, who have worked with Mr. Deshpande; they join the seven other experienced analysts on the team.
"I'm delighted to have Abhay back working with us," said Mr. Eveillard. "Having been a senior research member of our team for 5-plus years, and now having spent the last two years as a portfolio manager within ASBA, Abhay will become an even more important member of our portfolio management team."
Arnhold and S. Bleichroeder Advisers has also announced Charles Edouard de Lardemelle and Simon Fenwick have left to pursue other interests.
Arnhold and S. Bleichroeder Advisers manages approximately $45 billion in assets and has a long and rich tradition as an investment manager, tracing its heritage back to the mid 19th century. The firm provides investment management services for the First Eagle family of mutual funds, and for a number of institutional and high net worth clients through hedge funds and separately managed accounts. The firm's investment strategies include international value, global value, event-driven value and merger arbitrage.
Investors should consider risks, charges and expenses carefully, which are detailed in our prospectus. Please read our prospectus carefully before investing. For further information about the First Eagle Funds, please call (800) 334-2143. Investments are not FDIC insured or bank guaranteed, and may lose value.
Bios
Professor Bruce C. N. Greenwald holds the Robert Heilbrunn Professorship of Finance and Asset Management at Columbia Business School and is the academic Director of the Heilbrunn Center for Graham & Dodd Investing. Described by the New York Times as "a guru to Wall Street's gurus," Greenwald is an authority on value investing with additional expertise in productivity and the economics of information. While serving as Director of Research First Eagle Funds and the Global Value team, Professor Greenwald will continue to fulfill his obligations to Columbia Business School.
Professor Greenwald has been recognized for his outstanding teaching abilities. He has been the recipient of numerous awards, including the Columbia University Presidential Teaching Award, which honors the best of Columbia's teachers for maintaining the University's longstanding reputation for educational excellence. His classes are consistently oversubscribed, with more than 650 students taking his courses every year in subjects such as Value Investing, Economics of Strategic Behavior, Globalization of Markets, and Strategic Management of Media.
Abhay Deshpande, CFA
Abhay Deshpande joined Arnhold and S. Bleichroeder Advisers, LLC in 2000. Mr. Deshpande was a senior member of the research group of the firm's Global Value team which manages the firm's U.S. Mutual Funds. Among other industries, he has covered the energy, base metals, retail, media and technology industries. In March of 2005, Mr. Deshpande left the Global Value team in order to manage other global value investment portfolios for the firm. Starting in March of 2005, Mr. Deshpande operated independent of the Global Value team in order to manage additional global value investment portfolios for the firm.
Prior to joining Arnhold and S. Bleichroeder Advisers, Mr. Deshpande spent three years as a research analyst with Harris Associates, advisers to the Oakmark International Fund and other international and Global Products. A graduate of the University of Louisville, Mr. Deshpande holds the Chartered Financial Analyst (CFA) designation.
