John Miller, who managed the municipal-bond market’s largest junk mutual fund at Nuveen until earlier this year, will join First Eagle Investments in January to build a muni department from the ground up.
When he joins the $131 billion money manager in the new year, Miller says he’ll focus on what has defined his career — the riskiest corners of the municipal market.
His departure was announced in April along with Nuveen’s settlement of a years-long legal battle with Preston Hollow Community Capital, a lender that accused Miller of seeking to blackball it on Wall Street to head off a competitive threat. As part of the settlement, Nuveen became a “significant minority investor” in Preston Hollow.
First Eagle, which caters to institutions and financial advisers for wealthy individuals, has tiptoed into munis in the past, but has never had a dedicated division, said Mehdi Mahmud, the firm’s chief executive officer. Under his direction, the Nuveen High Yield Municipal Bond Fund grew from $50 million in seed capital to roughly $17 billion of assets today.“We’d like to stand out, we’d like to be the alpha player in the group and to do that you have to do things differently,” he said.
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