John Miller will join First Eagle Investments at the start of the new year to build a high-yield municipal credit team at the firm, according to a Sept. 21 news release.
Miller will be the first head and chief investment officer of First Eagle's high-yield municipal credit team effective Jan. 2, reporting to Mehdi Mahmud, the firm's president and CEO.
The move will expand the range of First Eagle's business segments, which include global value equities, small cap equities and alternative credit.
Miller comes to First Eagle from Nuveen where, as the firm's head of municipals since 2007, he helped build a business with roughly $190 billion in assets under management, according to the First Eagle news release.
Nuveen, in April, named Daniel Close, a veteran portfolio manager, as Miller's replacement as head of municipals. Miller left Nuveen effective June 1.
The First Eagle news release likewise said that Carl Katerndahl will join its high-yield municipal credit team, effective Oct. 2, as chief operating officer and will "lead the effort to build the foundation for the business in advance of John's arrival."
Katerndahl comes to First Eagle from private investment firm Winnick & Company, where he served as a senior managing director.
A spokeswoman for First Eagle said the team to be built by Miller and Katerndahl will be the firm's first dedicated muni team.
First Eagle reported $131 billion in assets under management as of June 30.