First Eagle Funds requests sub-advisory approval for Old Mutual fund

By Toni Weeks

San Diego, Oct. 28 - First Eagle Funds announced that a special meeting of the shareholders of the Old Mutual High Yield Fund will be held at 11 a.m. ET on Dec. 28 at the Old Mutual Capital, Inc. offices in Denver to vote on a proposal concerning management of the fund.

According to an 8-K filing with the Securities and Exchange Commission, the portfolio managers of the fund transitioned to First Eagle Investment Management, LLC as interim sub-adviser from Dwight Asset Management Co., LLC on Oct. 21.

In connection with Old Mutual's recently announced plan to exit the mutual fund asset management business, the Old Mutual Fund board approved a reorganization of the fund into the First Eagle High Yield Fund, a newly formed series of First Eagle Funds with substantially the same investment objective and principal strategies as the Old Mutual High Yield Fund.

Approval of the proposal will be considered approval of a new advisory agreement with New York-based First Eagle for purposes of paying sub-advisory fees from Oct. 1 until the reorganization occurs.

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