Arnhold and S. Bleichroeder was a New York-based investment bank, originally formed in Germany by 1931 by merger of Arnhold Brothers and S. Bleichröder and relocated to the United States in 1937. It remained as a fund management company under the control of the Kellen and Arnhold families until December 2015, when majority ownership was sold to the Blackstone Group LP and Corsair Capital LLC, led by Simpson Thacher & Bartlett.[1]
The firm's core constituent was of a merger between the banking firm of S. Bleichröder, founded by Samuel Bleichröder in 1803 in Berlin, and the banking firm of Gebr. Arnhold (Arnhold Brothers) founded in Dresden in 1864. Arnhold Brothers acquired S. Bleichroeder in 1931.[2]
With the rise of Nazi persecution the firm’s activities were moved to New York City in 1937 and conducted business under the name of Arnhold and S. Bleichroeder, Inc.[3]
In 1939, the firm's name was changed to Arnhold and S. Bleichroeder.[4]
In 1967, it launched first offshore fund under the First Eagle name.
In 1987 launched first U.S. registered mutual fund, the First Eagle Fund of America, with Michael Max Kellen as the portfolio manager, who subsequently became Vice Chairman and Co-CEO of Arnhold and S. Bleichroeder Holdings.
In 2002, Natexis Banques Populaires, the investment banking arm of Banque Populaire, a French mutual bank, purchased the brokerage business of Arnhold & S Bleichroeder for $105 million. The broker's existing shareholders received a 2.6% stake in Natexis, and the company was renamed Natexis Bleichroeder. The asset management business, Arnhold & S Bleichroeder Advisors, was not part of the deal and continued to be operated through its parent, A&SB.[5] Subsequently, Arnhold and S. Bleichroeder Advisers was renamed First Eagle Investment Management, and as of Sept 2010, it held approximately US-$45 billion in assets under management according to its web site,.[6]
In 2007, TA Associates bought a minority stake in First Eagle Investment Management from descendants of the founding family. TA Associates brought into First Eagle a professional CEO from the asset management industry, Bridget Macaskill, formerly CEO of Oppenheim.
In December 2015, Blackstone and Corsair Capital bought majority control of the firm from TA Associates and descendants of the founding family.