M and A
Deals Of The Day: The Latest In Wealth Management M&A – First Eagle Investments, Napier Park Global Capital

The latest mergers, acquisitions and other corporate transactions and moves by wealth managers in North America.
First Eagle Investments, Napier Park Global
Capital
US-based First Eagle
Investments a firm overseeing about $110.5 billion of client
money, has agreed to buy Napier
Park Global Capital, a firm which focuses on credit and
manages around $18.7 billion in assets under management as of
December 31, 2021.
As a wholly-owned unit of First Eagle Investments, Napier Park
will go to market as “Napier Park, a First Eagle Investments
Company” and maintain its investment approach, business focus and
client service.
First Eagle Investments said the deal “significantly broadens”
its capabilities in the large and diverse alternative credit
market, enabling it to offer clients exposure to opportunistic US
and European credit, US mortgages and consumer debt, US municipal
debt and equipment leasing. It also enhances the size and scope
of the firm’s collateralized loan obligation footprint, including
the addition of European CLO management.
“First Eagle over time has deliberately sought to nurture an
investment-led culture, supported by a set of core investment
tenets, that encourages philosophical autonomy among our
portfolio management teams,” Mehdi Mahmud, president and chief
executive of First Eagle Investments, said. “We believe Napier
Park’s capabilities are a strong complement to those of our
existing Global Value, Small Cap and First Eagle Alternative
Credit teams, and our clients will be better served by having
access to all through a single platform. The transaction has no
impact on First Eagle Alternative Credit, which will continue
under its current leadership and operate independently from
Napier Park.”
Napier Park is an employee-owned partnership with offices in New
York, London and Switzerland, which employs 47 investment
professionals. Jim O’Brien and Jon Dorfman – who serve as chief
executive and chief investment officer, respectively – will
continue to run Napier Park.
The transaction, which has been approved by First Eagle’s board
of directors and Napier Park’s partners, is expected to close in
the coming months, subject to regulatory approvals and other
customary closing conditions.
Goodwin Procter acted as legal counsel and UBS Investment Bank
acted as financial advisor to First Eagle. Davis Polk acted as
legal counsel and Houlihan Lokey acted as financial advisor to
Napier Park.