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BUSINESS
April 6, 2010 | By Tom Petruno
Four months after his ugly split with TCW Group Inc., star L.A. bond fund manager Jeffrey Gundlach on Tuesday will launch his first mutual funds, hoping to lure some of the individual investors whose billions of dollars he managed at TCW. Gundlach's firm, DoubleLine Capital, said it would open the DoubleLine Total Return Bond fund and the DoubleLine Emerging Markets Fixed-Income fund after receiving Securities and Exchange Commission clearance Friday....
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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
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
September 20, 2012 | By Andrew Blankstein and Joe Bel Bruno, Los Angeles Times
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.
BUSINESS
August 10, 2012 | By E. Scott Reckard, Los Angeles Times
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.
BUSINESS
July 25, 2010 | By Tom Petruno, Los Angeles Times
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.
BUSINESS
December 12, 2009 | TOM PETRUNO
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.
BUSINESS
February 10, 2010 | By Tom Petruno
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.
BUSINESS
December 9, 2010 | By Tom Petruno, Los Angeles Times
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.
BUSINESS
September 1, 2011 | By Tom Petruno, Los Angeles Times
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...
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