First Eagle Investment Management, a New York-based investment manager with around $110bn in assets, has set up an office in London.

The new office will cater to institutional clients and their consultants across Europe, the Middle East and Africa (EMEA).

Also, the asset manager has created a new UK-based subsidiary to carry out operations at the new office and will apply for Financial Conduct Authority (FCA) approval.

The London office will be managed by David Townsend, the firm’s EMEA institutional head.

First Eagle Investment Management president and CEO said: “We believe our clients in the EMEA region can best be served from an office that’s close to them in geography and time zone.

“London is a natural location for the office because of its established position as a centre of excellence in global financial services and its depth of resident talent in the investment management industry.”