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 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.
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.
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 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.