Press and Announcements

First Eagle Investments Establishes New High Yield Municipal Credit Team to Be Led by Veteran Investor John Miller

Carl Katerndahl to join new team as Chief Operating Officer

NEW YORK, September 21, 2023 — First Eagle Investments (“First Eagle”) today announced that it has established a new High Yield Municipal Credit team. John Miller will join First Eagle on January 2, 2024, as Head and Chief Investment Officer of the High Yield Municipal Credit team, reporting to First Eagle President and Chief Executive Officer Mehdi Mahmud. The new High Yield Municipal Credit team expands the range of differentiated investment solutions First Eagle provides clients alongside the offerings of its Global Value, Small Cap, First Eagle Alternative Credit and Napier Park teams.

“At First Eagle, we want to be a gravity well for superb talent. It’s not often that someone of John’s caliber becomes available. He is an exceptional investor, business builder and team leader, with a client-centric mindset aligned with First Eagle’s key tenets,” said Mahmud. “Municipal bonds are an important part of the investment toolkit for all types of retail and institutional investors, and particularly for the financial advisors we serve. We believe our new High Yield Municipal Credit team, under John’s leadership beginning in January 2024, will represent a strong complement to our current investment offerings.”

Miller has spent nearly three decades in the municipal bond arena, with more than 23 years managing portfolios on behalf of clients. Beginning in 2007, he was Head of Municipals at Nuveen, where he leveraged his specialized expertise to build and lead one of the most prominent high yield municipal credit platforms in the industry. Miller oversaw approximately $190 billion in assets under management and had direct portfolio management responsibility for about $35 billion, including the flagship $18.3 billion Nuveen High Yield Municipal Bond Fund. After 27 years with Nuveen, John departed the firm on June 1, 2023.

“As I considered my next career challenge, First Eagle really stood out due to its investment-led culture and commitment to active portfolio management rooted in fundamental, bottom-up research,” said Miller. “I believe the new High Yield Municipal Credit capability will represent an attractive investment solution. I’m excited to join the firm in January 2024 and begin building the business from the ground up.”

Additionally, Carl Katerndahl will join First Eagle as Chief Operating Officer of the new High Yield Municipal Credit team, effective October 2, 2023. He will be responsible for overseeing the team’s day-to-day operations and will lead the effort to build the foundation for the business in advance of John’s arrival. Katerndahl will report to Miller, with whom he has worked closely in the past; Carl spent 20 years at Nuveen, departing in 2019 as Head of US Advisory Services responsible for distribution. Most recently, Katerndahl was Senior Managing Director of private investment firm Winnick & Company.


About First Eagle Investments

First Eagle Investments is an independent, privately owned investment management firm headquartered in New York with approximately $131 billion in assets under management as of June 30, 20231. 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

First Eagle Investments is the brand name for First Eagle Investment Management, LLC and its subsidiary investment advisers.

©2023 First Eagle Investment Management, LLC.  All rights reserved.


Media Contacts
First Eagle Investments
Pholida Barclay

Prosek Partners
Bea Broderick

1The total AUM represents the combined AUM of First Eagle Investment Management, LLC and its subsidiary investment advisers as of June 30, 2023. It includes $0.6 billion of committed and other non-fee-paying capital from First Eagle Alternative Credit, LLC and $1.2 billion of committed and other non-fee-paying capital from Napier Park Global Capital, inclusive of assets managed by Regatta Loan Management LLC.