First Eagle reopens two mutual funds

First Eagle joins Longleaf and Third Avenue in opening previously closed funds recently.

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Arnhold and S. Bleichroeder Advisers said on Tuesday it will reopen two of its First Eagle mutual funds that invest in overseas markets.

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The $21 billion First Eagle Global Fund SGENX.O invests in a range of asset classes in the United States and overseas. That fund was closed to new investors in March 2005.

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The $10 billion First Eagle Overseas Fund SGOVX.O invests mostly in non-U.S. stocks. That fund was closed to new investors in February 2004.

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The funds will be reopened effective Jan. 14.

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Arnhold and S. Bleichroeder, adviser to the funds, said the funds had been closed because of rapidly increasing cash flows at the time.

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Jean-Marie Eveillard, fund manager of First Eagle Funds, said the current volatile market environment may offer significant investment opportunities.