Short Interests: A global-value legend gets domestic

One of the world’s best-known global-value managers is finally going to manage a mutual fund that invests primarily in U.S. companies. Jean-Marie Eveillard will manage the First Eagle U.S. Value Fund with Charles de Vaulx.

Despite making a name for himself as a value manager with a global bent, Mr. Eveillard has never managed a fund that invests primarily in domestic securities.

Mr. de Vaulx, however, says that that will not affect their basic investment philosophy.

“We have three funds currently,” Mr. de Vaulx says. “None of them have the word `value’ in them, but it’s clear that since Jean-Marie Eveillard for 22 years, and myself more recently, have been managing those funds, we’ve always clearly stated we were in the value camp.”

The fund, which will be part of New York’s First Eagle SoGen Funds Inc., will be offered by Arnhold & S. Bleichroeder Advisers Inc. A registration statement for the fund was filed last week with the Securities and Exchange Commission. The anticipated launch date is Aug. 31.

No Freeh pass

Those looking to work for credit card giant MBNA Corp. will now have to undergo an FBI check. The Wilmington, Del., company has named former FBI Director Louis J. Freeh senior vice chairman for administration and a member of its executive group.

Mr. Freeh will join three former FBI employees who are now with MBNA in different capacities – sales, administrative services and facility management.

Mr. Freeh was referred to MBNA by one of them – former G-man Jules Bonavolonta, a friend of 26 years who currently serves as vice chairman of administrative services.

“Although he has a terrific background in law enforcement, that is not really the reason we hired Louis Freeh. We hired him because he is a proven leader and has managed a very large organization and has had great success developing managers,” says David Spartin, an MBNA spokesman.

Mr. Freeh, who ran the bureau for eight years, will be in charge of recruiting, hiring, education, compensation and benefits for a staff of 26,000. The former federal judge will also oversee all of MBNA’s legal affairs and look after the company’s office space at 36 locations worldwide.

Another of Mr. Freeh’s duties is overseeing MBNA’s security and transportation. So if your credit card records should wind up missing …

Manager’s seat draws interest

Segall Bryant & Hamill Investment Counsel would like to invite you to take a load off – if you happen to be standing at the corner of Wacker Drive and Madison Street in Chicago.

The Chicago-based money manager, which has $1.4 billion in overall institutional assets, is a participant in “Suite Home Chicago,” a citywide exhibit presented by the city’s Department of Cultural Affairs. “Suite Home,” in which Fiberglas sofas, televisions, ottomans and chairs are decorated by local artists, is a follow-up to 1999’s “Cows on Parade,” which featured decorated Fiberglas cows.

Segall Bryant is sponsoring “A Seat on the Exchange,” reports sister publication Pensions & Investments.

The Fiberglas loveseat features a bull and bear painted to represent co-founders Al Bryant Jr. and Ralph Segall, respectively. A mock stock ticker features the initials of the firm’s principals. In addition, artist Dawn Madison added several fake $100 bills that look real enough to tempt several passersby to try peeling them off the couch.

“Suite Home Chicago” will appear on the streets of the city through the summer.