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.
July 28, 2010 |
A group of money managers within TCW Group Inc. said Tuesday that they reached a deal with the Los Angeles company to split off their $11.5-billion operation. The agreement, which had been expected, will reestablish Crescent Capital Group as a stand-alone investment firm that provides debt financing to public and private companies. Crescent was co-founded in 1991 by Mark Attanasio and two other former executives of junk bond giant Drexel Burnham Lambert, which filed for bankruptcy protection in 1990.
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 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.
May 28, 1998 |
TCW Group, the parent of giant Los Angeles money manager Trust Co. of the West, said Wednesday that it had hired top fund manager Glen E. Bickerstaff to manage money for institutional and retail clients. Bickerstaff, 41, previously managed more than $3 billion in assets at Transamerica Corp., including Transamerica Premier Equity, one of the top-performing large-company stock funds for 1997. For the 12 months ended April 30, the $277.5-million Transamerica fund posted a return of 63.24%.