February 23, 2010 |
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.
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.
February 10, 2010 |
Star L.A. bond fund manager Jeffrey Gundlach filed a countersuit Wednesday against his former employer, TCW Group Inc., alleging the firm ousted him to avoid having to share as much as $1.25 billion in fees from assets Gundlach oversaw. The suit is the latest chapter in the bitter divorce between TCW, one of L.A.'s biggest money managers, and Gundlach, who was a 24-year veteran of the firm and its chief investment officer when he was fired Dec. 4. TCW, which manages more than $100 billion in assets, said it terminated Gundlach because he had threatened to leave and take his staff with him. Within days of his firing Gundlach in fact set up a new firm, DoubleLine Capital.
December 12, 2009 |
A power struggle at one of L.A.'s biggest investment firms has many of the ingredients of a Shakespearean tragedy: frustrated ambition, a hero's fall from grace, betrayal and revenge. It also has left billions of dollars of investors' hard-earned money stuck uncomfortably in the middle. One week ago, TCW Group unexpectedly fired its veteran investment chief and star bond fund manager, Jeffrey Gundlach, asserting that he had threatened to quit the firm and leave it in the lurch.
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 1, 2011 |
TCW Group Inc. Chairman Robert Day testified that the firm's star bond fund manager had become "unstable" in the months leading up to the decision to fire him, but that the company still had hoped to strike a deal to keep him. Jurors in the bitter court battle between TCW and its former chief investment officer, Jeffrey Gundlach, on Wednesday also heard the L.A. money management firm's former president call Gundlach "a disease" on the company and...
December 9, 2010 |
The bitter split-up of L.A. investment firm TCW Group and its former chief investment officer, Jeffrey Gundlach, is under investigation by the Justice Department. An updated federal filing by mutual funds managed by Gundlach's year-old company, DoubleLine Capital, disclosed that some employees and former employees of DoubleLine have been interviewed by officials from the U.S. attorney's office in Manhattan. Also, TCW, which nearly a year ago sued Gundlach for alleged theft of TCW proprietary information, confirmed that it had received a federal criminal grand jury subpoena "with regard to the investigation of DoubleLine and its principals for trade-secret theft," said Steve Madison, an attorney at TCW's outside counsel, Quinn Emanuel.
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.
July 25, 2010 |
As chairman of the Los Angeles Opera, Marc Stern went out on a limb to back the group's ambitious staging of Richard Wagner's "Ring" cycle this spring. But for high drama, that couldn't top the gamble Stern took last December in his day job as chief executive of TCW Group Inc., the downtown Los Angeles firm that manages investments for some of the nation's largest pension funds, insurance companies and other big investors. Like most money managers, the 40-year-old firm with patrician roots seeks to convey an image of strength and stability.
September 14, 2011 |
After a six-week court case of often head-spinning complexity, the bitter legal battle between star L.A. bond fund manager Jeffrey Gundlach and his former employer, TCW Group Inc., is in the hands of the jury. Their mission: Try to decide which of two very well-heeled combatants deserves potentially hundreds of millions of dollars in damages from the other after TCW ousted Gundlach nearly two years ago. Mindful that the jurors most likely can't personally relate to the huge sums of money involved, TCW attorneys tried to reduce the case to issues of simple right and wrong in their closing arguments Tuesday.