August 9, 2012 |
Private-equity giant Carlyle Group is buying TCW Group Inc. from the French bank Societe Generale, a deal that will give management and employees of TCW a 40% stake in the asset manager. Los Angeles-based TCW manages investments for some of the nation's largest pension funds, universities and other big investors. Financial terms of the transaction were not announced in a statement from the companies Thursday morning. The long-rumored deal is expected to close in the first quarter of 2013.
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 17, 2011 |
TCW Group Inc. and its French parent company broke key promises made to TCW's top money managers, fueling a rebellion at the L.A. asset management firm, a jury was told. Jeffrey Gundlach, TCW's star bond fund manager until the firm fired him in 2009, testified in court Tuesday that the company had pledged that employees would always own 30% of the stock in the business. But French banking titan Societe Generale, which bought control of TCW in 2001, never followed through on that promise, Gundlach said.
September 20, 2012 |
Star bond fund manager Jeffrey Gundlach is used to winning, but he just suffered a $10-million hit in the most unexpected way. Returning to his posh Santa Monica home after a business trip to New York this week, he found a blank space on the wall where a cherished landscape by William Wendt once hung. He then noticed more blank spaces where he had part of his multimillion-dollar art collection. The crooks even drove away in his red Porsche Carrera - and shut the garage door on the way out. Gundlach, heralded on Wall Street for his bond investing prowess, is the founder of DoubleLine Capital in Los Angeles.
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.
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.