A group of money managers within TCW Group Inc. said Tuesday that they reached a deal with the Los Angeles company to split off their $11.5-billion operation.
The agreement, which had been expected, will reestablish Crescent Capital Group as a stand-alone investment firm that provides debt financing to public and private companies.
Crescent was co-founded in 1991 by Mark Attanasio and two other former executives of junk bond giant Drexel Burnham Lambert, which filed for bankruptcy protection in 1990. TCW bought Crescent in 1995.
Attanasio, 52, said he and other members of his unit had been mulling over the idea of going out on their own for some time, predating the recent turmoil at TCW. The parent company, which manages $110 billion in all, fired its chief investment officer, Jeffrey Gundlach, in December after an internal power struggle.