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.
October 31, 1997 |
Los Angeles-based TCW Group, parent of Trust Co. of the West, became the first money manager allowed by the U.S. Department of Labor to advise investors on their 401(k) plans, a ruling that could help it expand in the fastest-growing part of the pension business.
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 19, 2011 |
TCW Group Inc. Chief Executive Marc Stern said he fired Jeffrey Gundlach in December 2009 because the company was being "threatened" and "in the process of being destroyed. " Stern testified Thursday in the trial that pits Gundlach and three other former TCW executives against the asset-management firm. Stern said he made the decision to fire Gundlach, TCW's chief investment officer and head of its fixed-income group, because Gundlach was plotting the take TCW's clients and portfolios to his own firm.
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.
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.