The French parent of TCW Group Inc. said Tuesday that the Los Angeles investment firm is not for sale.
The declaration by Societe Generale came in response to a report by Bloomberg News, which quoted anonymous sources saying the French bank may put the U.S. money manager up for sale, or potentially strike a deal for a management-led buyout.
"Societe Generale's plans for TCW have not changed," SocGen said in a statement. "TCW is not for sale, and we continue to believe that TCW is on a trajectory for strong and sustained growth."
A TCW spokesman declined to comment.
France's second-largest bank said it was "on track" to spin off TCW in an initial public offering in the next two to three years.