Old Mutual Holdings has entered into an agreement to sell its retail asset management (AM) business associated with the Old Mutual High Yield Fund, MutualFundWire reports. The business is to be acquired by First Eagle Investment Management. The vehicle’s investment manager Old Mutual Capital may propose that the trustees allow the fund, part of the series Old Mutual Funds II, to be reorganized into a newly created mutual fund on the First Eagle platform.
Edward Meigs and Sean Slein, portfolio co-managers of the fund, formerly known as Old Mutual Dwight High Yield Fund, joined First Eagle from Dwight Asset Management Co. earlier this month. Old Mutual has recently put up Dwight for sale.
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First Eagle Investment Management First Eagle Old Mutual Holdings Edward Meigs Sean Slein