The guard has begun to change at TCW Group
. Robert A. Day
, chairman, CEO and founder of the Los Angeles-based money manager said that he will hand the CEO reins to a younger executive at the start of October. At the same time the firm's president will also step down. Day will remain on as chairman of the firm. TCW is the advisor to the TCW Galileo mutual funds.
Day said that he is giving up the title as part of a "long-planned" succession, reported the Los Angeles Times
. He also said that Marc I. Stern, TCW's president will resign as president and remain as vice chairman. Day founded the money manager in 1971 and the firm has since grown into a power as an institutional fixed income manager. He sold a majority stake in TCW to Societe Generale in 2001.
The moves are a part of a plan to place younger managers at the firm's helm. Forty-five-year-old Robert D. Beyer will take over as CEO and William C. Sonneborn, just 35, will take the president's post.
Last week the firm also hired Garrett Walls, 48, from JP Morgan Asset Management to serve as its director of institutional sales.
Beyer got his start in money management at Beverly Hills, California-based Drexel Burnham Lambert and then joined TCW in 1995 after Drexel's flameout. He has been TCW's chief investment officer since 2001.
Sonneborn joined TCW in 1998 from Goldman Sachs and has served as chief operating officer since 2001. TCW named Jeffrey Gundlach, 45, as its new chief investment officer.
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