December 5, 2009 |
Stunning the world of bond investing, Los Angeles investment firm TCW Group Inc. on Friday ousted its star fund manager and simultaneously agreed to acquire smaller L.A. rival Metropolitan West Asset Management. TCW said Jeffrey E. Gundlach had been "relieved of duties" as chief investment officer and would be replaced in part by the co-founder of Metropolitan West. Gundlach, who also was removed from TCW's board of directors, had been with the downtown L.A. firm for 24 years.
November 17, 2009 |
Earvin "Magic" Johnson, who has spent his post-basketball career on retailing ventures in underserved urban areas, is targeting another market he figures is in need of help: lending to mid-size companies. The ex-Laker's firm, Magic Johnson Enterprises, is teaming with Los Angeles money manager TCW Group Inc. in a venture to make loans to mid-size businesses with capital raised from big investors, the firms said Monday. The venture, TCW CapitalAssist Management, doesn't plan to help urban firms exclusively, but Johnson is expected to advocate for them in particular.
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.
October 29, 2007 |
Los Angeles-based money management giant TCW Group Inc. is making a move into commercial real estate investing, a decade after folding up its first such venture. TCW, parent of Trust Co. of the West, is expected to announce today that it's buying a majority stake in Buchanan Street Partners, a Newport Beach-based real estate investment banker and portfolio manager.
October 24, 2007 |
Los Angeles-based money management giant TCW Group Inc. is expected to announce this week that it is moving into the real estate business by taking a majority stake in Buchanan Street Partners, a Newport Beach real estate investment management and advisory firm. Buchanan's business includes advising on sales of commercial properties and managing real estate portfolios. TCW, parent of Trust Co.
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.