NEW YORK–(BUSINESS WIRE)–First Eagle Investments today announced the hiring of Frank Riccio, CFA, in the new role of Head of Sales and Strategic Relationships—US Wealth Solutions. Riccio joins from PIMCO and will lead the day-to-day activities of the firm’s US Wealth Solutions business while also directing its strategic course in collaboration with President and Chief Executive Officer Mehdi Mahmud and Head of US Wealth Solutions Robert Bruno. Riccio will start at First Eagle on November 13, 2023, reporting to both Mahmud and Bruno.
Riccio’s hiring follows the significant expansion of First Eagle’s investment capabilities in recent years, as the firm has sought to bolster its strategy lineup to meet the evolving needs of clients. Targeting both alternative and traditional investments, the firm has grown through acquisitions—including what is now First Eagle Alternative Credit in 2020 and Napier Park in 2022—and by hiring talented investors to run newly established teams—such as Bill Hench for small cap equities in 2021 and John Miller for municipal high yield credit beginning in January 2024. Concurrently, First Eagle also launched a number of new vehicles, like interval funds, separately managed accounts and collective investment trusts, to make its capabilities accessible to a broader range of end investors in the US wealth management space.
“At First Eagle, we want to be a gravity well for superb talent,” said Mahmud. “Frank is a superb sales leader with decades of experience spanning a variety of investment strategies and vehicles, and I am thrilled to have him join First Eagle in this senior leadership role.”
Riccio has more than 20 years of experience in sales and leadership. Most recently, he was Head of Field Sales at PIMCO, where he led a team of 79 field and hybrid account managers and five divisional managers covering the full spectrum of financial intermediary channels in the US. The team was responsible for marketing open- and closed-end mutual funds, managed accounts, interval funds, business development companies and other investment products across a range of traditional and alternative asset classes.
“As our business has expanded in size and scope and our growth plans have become more ambitious, we needed the right professional to lead US Wealth Solutions to the next level,” said Bruno. “Frank not only has deep experience with a broad range of investment strategies and vehicle types across wealth management channels, his tireless work ethic and client-centric focus are a perfect fit with First Eagle’s cultural values.”
In managing the daily operations of the US Wealth Solutions team, Riccio will lead its Retail Operating Committee comprising Jim Cotchett, Head of Strategic Client Engagement; Briana Fisher, Head of National Accounts; Keith Kisto, Head of Business Management; Robert Milliman, National Sales Manager—Independent Channel and Head of Practice Management; Pete Monty, Wirehouse/RIA and Major Metro Divisional Manager; and Mike Rosenberg, Head of Retirement Investment Solutions.
“First Eagle has consistently demonstrated its commitment to the wealth management channel, building out a differentiated range of investment strategies that have become a go-to source of solutions for financial advisors and their clients,” said Riccio. “I am excited about what the future holds for First Eagle and delighted to join the firm and its outstanding team of client-facing professionals.”
About First Eagle Investments
First Eagle Investments is an independent, privately owned investment management firm headquartered in New York with approximately $128 billion in assets under management as of September 30, 2023.* Dedicated to providing prudent stewardship of client assets, the firm focuses on active, fundamental and benchmark-agnostic investing, with a strong emphasis on downside mitigation. With a heritage dating back to 1864, First Eagle strives to help clients avoid permanent impairment of capital and earn attractive returns through widely varied economic cycles. The firm’s investment capabilities include equity, fixed income, alternative credit and multi-asset strategies. For more information, please visit www.firsteagle.com.