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BUSINESS
January 22, 2011 | By Tom Petruno, Los Angeles Times
The judge presiding over a bitter legal battle between Los Angeles money managers TCW Group Inc. and DoubleLine Capital has thrown out TCW's attempt to effectively shut down DoubleLine's mutual funds pending a trial. L.A. County Superior Court Judge Carl West late Thursday denied TCW's request that the court create a trust that could lay claim to gains generated by the DoubleLine funds. "Such a remedy is not available" to TCW under federal law, the judge said in his ruling.
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BUSINESS
September 13, 2011 | Bloomberg News
Money manager Jeffrey Gundlach testified that he met with Goldman Sachs Group Inc. before TCW Group Inc. fired him in 2009 and that he sought advice on how to improve his situation at the Los Angeles asset management firm. Gundlach was the final witness in the trial over whether he stole TCW's trade secrets before starting his own company or TCW fired him to avoid paying management and performance fees owed to him as the firm's chief investment officer. He told jurors in state court in Los Angeles on Monday that he was advised by Goldman Sachs either to arrange for better corporate governance terms so that he could stay at TCW, attempt a management buyout of TCW or negotiate his own departure.
BUSINESS
March 16, 1995 | TOM PETRUNO, TIMES STAFF WRITER
In a major Wall Street breakup, five key officers are leaving Trust Co. of the West, one of Los Angeles' largest money management firms, after their attempt to split off their $7-billion-asset TCW divisions was angrily rejected by company founder Robert A. Day. The five, including high-yield junk bond experts Howard Marks and Bruce Karsh, will set up a new money management company called Oaktree Capital Management, effective April 7.
BUSINESS
March 9, 1999 | PAUL J. LIM, TIMES STAFF WRITER
For the second time this decade, TCW Group, a Los Angeles-based money management firm that focuses on institutional clients, is trying to make a push into the lucrative--but highly saturated--retail mutual fund market. The company, which manages $55 billion in assets for corporate and public pension plans among other institutional investors, on Monday made nine institutional funds it runs under the Galileo brand name available to financial advisors and individuals.
BUSINESS
February 23, 2010 | By Tom Petruno
TCW Group Inc., fighting to hold on to clients' assets after the money manager fired its veteran investment chief in December, said Monday that a majority of institutional investors in two specialized mortgage-bond portfolios opted to keep their money in the funds. The firm said 199 investors holding nearly $1.7 billion, or 57%, of the $3 billion in the funds chose to remain with TCW. About 130 investors who control the other $1.3 billion voted to pull their cash out. TCW declined to give a further breakdown of the money that's staying.
BUSINESS
August 27, 2006 | Tom Petruno, Times Staff Writer
There's no mistaking Jeffrey Gundlach for an economic optimist. The TCW Group investment chief puts the odds of a U.S. recession in 2007 at about 75%. He thinks Americans are spent-out, and that the weakening housing market will only make them feel worse. "I think we easily could be looking at a relatively rare consumer-led downturn" in the economy, Gundlach says. Stock investors, he says, ought to be very cautious and consider lightening up.
BUSINESS
July 7, 2011 | By Tom Petruno, Los Angeles Times
Star bond fund manager Jeffrey Gundlach won a key court ruling in his battle with TCW Group, with a judge opting to let a jury decide whether Gundlach's former employer sought to cheat him out of a huge chunk of income. The court's decision means that Gundlach's claim will be heard in a case scheduled for trial July 25, along with TCW's claim that Gundlach set up his new firm with trade secrets stolen from TCW. Los Angeles County Superior Court Judge Carl West said in a written opinion Wednesday that Gundlach's claims were "triable issues of fact" that should go before a jury rather than be dismissed by the court as TCW had asked.
BUSINESS
May 6, 1997 | DEBORA VRANA, TIMES STAFF WRITER
After more than seven months of intense negotiations, Trust Co. of the West, which manages more than $50 billion, has decided to remain independent and privately owned, company executives said Monday. The giant Los Angeles money manager has been rumored since 1994 to be seeking a buyer or considering going public in an attempt to boost its position as the industry consolidates.
BUSINESS
February 25, 2010 | By Tom Petruno
TCW Group Inc.'s ouster of its star bond fund manager in December cost the Los Angeles investment firm more than one-fifth of the assets it managed before the firing, the company disclosed Wednesday. Institutional and individual investors pulled a total of about $25 billion from TCW after the company terminated Jeffrey Gundlach as chief investment officer Dec. 4, according to TCW data. The company managed $115 billion as of Jan. 31, up from $110 billion Dec. 4. But about $31 billion of the $115 billion was brought in by Metropolitan West Asset Management, which TCW agreed to buy to replace Gundlach and the TCW staffers whom the firm correctly expected to leave with him. Excluding the Metropolitan West money, TCW's assets declined to about $84 billion on Jan. 31. Any drop in assets means a money manager has less income than it would otherwise, because management fees are charged as a percentage of assets.
BUSINESS
August 19, 2011 | Bloomberg News
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.
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