March 13, 1995 |
Brian M. Kadison has joined the TCW Group as managing director of operations. At the same time, Jack M. Eisen and William K. White have joined TCW as senior vice presidents of human resources, and debt and royalty, respectively. Prior to joining Los Angeles-based TCW, Kadison served for 12 years with Arthur Andersen & Co., with the last six years as partner-in-charge of business consulting for Southern California.
August 31, 2006 |
TCW Group Inc. plans to start an investment fund of as much as $1.5 billion to buy distressed mortgage-backed securities as the real estate slump deepens, said Jeffrey Gundlach, the Los Angeles firm's investment chief. TCW will raise money from institutions and wealthy individuals, and the fund will open in the first quarter of 2007, Gundlach said Wednesday. Delinquent payments, falling home prices and rising borrowing costs have shaken the U.S. property market after a five-year boom.
September 8, 2011 |
Money manager Jeffrey Gundlach testified in a trial against TCW Group Inc. over his 2009 firing that he had negotiated, in contracts going back to 1992, specific conditions under which the firm could terminate him "for cause. " "I wanted to make sure I couldn't be fired out of the blue," Gundlach told jurors Wednesday in state court in Los Angeles. He also said that since 1989, he was entitled to accrued compensation if he was fired by TCW. Gundlach, 51, who worked at TCW for 25 years and was named Morningstar's fixed income manager of the year in 2006, says the Los Angeles-based unit of Societe Generale fired him to avoid having to pay management and performance fees for the distressed-asset funds that his group managed and that went "through the roof.
November 29, 2011 |
Societe Generale, France's second-biggest bank, is weighing whether to put its U.S. asset manager TCW Group up for sale, said people with knowledge of the situation. One option may be a management-led buyout of the business, said two of the people, who spoke on the condition of anonymity because the matter is private. Societe Generale may decide not to sell TCW and could still pursue an initial public offering for the unit, the people said. Los Angeles-based TCW may be valued at about $1 billion, one person said.
December 5, 2009 |
Stunning the world of bond investing, Los Angeles investment firm TCW Group Inc. on Friday ousted its star fund manager and simultaneously agreed to acquire smaller L.A. rival Metropolitan West Asset Management. TCW said Jeffrey E. Gundlach had been "relieved of duties" as chief investment officer and would be replaced in part by the co-founder of Metropolitan West. Gundlach, who also was removed from TCW's board of directors, had been with the downtown L.A. firm for 24 years.
August 10, 2012 |
After three years clouded by key staff defections and ownership uncertainties, Los Angeles asset manager TCW Group Inc. will move ahead with a high-profile new partner - private equity firm Carlyle Group. French banking giant Societe Generale agreed Thursday to sell its majority stake in TCW to two Carlyle funds and to TCW's managers. Terms of the deal were not disclosed, but the companies said the transaction would boost the ownership of TCW employees from 17% to 40%. TCW, founded in 1971 by Robert Day as Trust Co. of the West, manages investments for some of the nation's largest pension funds, universities and other big investors.
July 26, 2007 |
Among the biggest victims of the recent plunge in prices of high-risk corporate and mortgage-backed bonds are so-called closed-end bond mutual funds, some of which have long been owners of those securities. This week, the steep dive in shares of the Los Angeles-based TCW Strategic Income fund attracted one buyer of note: Jeffrey Gundlach, who invests the fund's portfolio and also is chief investment officer of its management company, TCW Group Inc.
September 14, 2005 |
Robert A. Day, one of the pioneers of Los Angeles' money management industry, said Tuesday that he would hand the reins of giant TCW Group to a younger team of executives on Oct. 1. The shift comes as the company and other established money managers face growing competition from the army of hedge funds touting high-return investment strategies. Day, 61, said 45-year-old Robert D.
January 4, 2007 |
Investment research firm Morningstar Inc. on Wednesday picked its 2006 "managers of the year" in mutual funds, and gave a nod in the fixed-income category to Jeffrey Gundlach of Los Angeles-based TCW Group Inc. Gundlach, who oversees the $540-million TCW Total Return Bond fund, has produced returns "that far outpace his typical intermediate-term bond peer while taking on less interest-rate risk and enduring less volatility than the category's typical offering," Chicago-based Morningstar said.
September 21, 2007 |
Los Angeles-based TCW Group, one of the biggest managers of so-called collateralized debt obligations, or CDOs, said it sold $3.2 billion of mortgage securities backing one CDO after the value of the bonds fell. A decline in the price of securities in the CDO, called Westways Funding X, triggered a clause that demanded that assets be sold so holders of the highest-rated pieces wouldn't incur losses, TCW said Thursday in a statement.