By Dipo Olowookere
An independent investment management firm headquartered in New York with approximately $110 billion, First Eagle Investment Management, has opened an office in the city of London.
A statement by the firm disclosed that the London office will serve institutional clients and their consultants in Europe, the Middle East and Africa (EMEA).
“We believe our clients in the EMEA region can best be served from an office that’s close to them in geography and time zone,” said Mehdi Mahmud, President and Chief Executive Officer of First Eagle Investment Management, LLC. “London is a natural location for the office because of its established position as a centre of excellence in global financial services and its depth of resident talent in the investment management industry.”
The new office is centrally located in the city at 125 Old Broad Street, Suite 720, London, EC2N 1AR, United Kingdom.
Business at the office will be conducted through a new UK-based subsidiary, First Eagle Investment Management, Ltd, which will apply for authorisation from the UK Financial Conduct Authority.
David Townsend, who recently joined First Eagle as Head of EMEA Institutional, will manage the London office and all aspects of the firm’s institutional business in the region.
Douglas Meyer, Head of First Eagle’s Institutional Distribution, said, “We’re delighted to have David on board to strengthen our presence overseas. His extensive experience with institutional investors and consultants in the EMEA region makes him the right person for this important role.” Meyer added, “We also believe that this is the right time for David to join us. Institutions in this region are showing a growing appetite for solutions like ours that combine the potential for strong returns with downside protection over full market cycles.”
Before joining First Eagle, Townsend managed Martin Currie Investment Management’s EMEA business and the firm’s relationships with global consultants. Prior to that, he was Head of UK Institutional Sales at AXA Investment Management and Director of Sales at Scottish Life International Investment Group. Townsend began his career at Fidelity Investments International. He holds a BA in Modern European Studies from Trent Polytechnic and an MA in Near and Middle East Area Studies from the School of Oriental and African Studies at University of London.
