A New York-based asset manager has launched a business in Europe, choosing London as its headquarters.
First Eagle Investment Management (FEIM), which has $110 billion (£92 billion) of assets under management, has created a UK subsidiary and is applying for authorisation from the Financial Conduct Authority.
It has hired David Townsend, formerly head of Europe, Middle East and Africa (Emea) at Martin Currie Investment Management, to head its own Emea business.
FEIM is concentrating on the institutional market.
Mehdi Mahmud, president and chief executive officer of FEIM, said: “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.”
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