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.