March 16, 1995 |
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.
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 27, 2006 |
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.
February 25, 2010 |
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.
July 7, 2011 |
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.
August 19, 2011 |
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.
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.
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.
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.
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...