October 1, 2009 |
The Treasury Department's long-awaited attempt to deal with toxic mortgage securities cleared another hurdle as two of the nine fund managers selected to lead public-private partnerships to purchase the assets raised at least $500 million each. Invesco Ltd. and Los Angeles-based TCW Group Inc. have completed their initial fundraising from private investors, bringing in a total of $1.13 billion in capital commitments as part of the Public-Private Investment Program, the Treasury said Wednesday.
June 2, 2009 |
Los Angeles-based money manager TCW Group said Monday that Chief Executive Robert D. Beyer would step down at the end of June as the company prepares to separate from its French parent. TCW, parent of Trust Co. of the West, manages about $100 billion in stocks and bonds. The company has been majority-owned by French bank Societe Generale since 2001. But in January, Societe adopted a restructuring plan that calls for TCW to be spun off in the next few years.
April 29, 2009 |
The government's plan to have private money managers partner with the Treasury to buy and manage banks' toxic assets has attracted more than 100 applicants, according to a person familiar with the program. The deadline to apply was Friday. The government has said it expects to pick a relative handful of money managers to launch the program, but could add more later.
September 21, 2007 |
Los Angeles-based TCW Group, one of the biggest managers of so-called collateralized debt obligations, or CDOs, said it sold $3.2 billion of mortgage securities backing one CDO after the value of the bonds fell. A decline in the price of securities in the CDO, called Westways Funding X, triggered a clause that demanded that assets be sold so holders of the highest-rated pieces wouldn't incur losses, TCW said Thursday in a statement.
July 26, 2007 |
Among the biggest victims of the recent plunge in prices of high-risk corporate and mortgage-backed bonds are so-called closed-end bond mutual funds, some of which have long been owners of those securities. This week, the steep dive in shares of the Los Angeles-based TCW Strategic Income fund attracted one buyer of note: Jeffrey Gundlach, who invests the fund's portfolio and also is chief investment officer of its management company, TCW Group Inc.
January 4, 2007 |
Investment research firm Morningstar Inc. on Wednesday picked its 2006 "managers of the year" in mutual funds, and gave a nod in the fixed-income category to Jeffrey Gundlach of Los Angeles-based TCW Group Inc. Gundlach, who oversees the $540-million TCW Total Return Bond fund, has produced returns "that far outpace his typical intermediate-term bond peer while taking on less interest-rate risk and enduring less volatility than the category's typical offering," Chicago-based Morningstar said.
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.
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.
September 14, 2005 |
Robert A. Day, one of the pioneers of Los Angeles' money management industry, said Tuesday that he would hand the reins of giant TCW Group to a younger team of executives on Oct. 1. The shift comes as the company and other established money managers face growing competition from the army of hedge funds touting high-return investment strategies. Day, 61, said 45-year-old Robert D.