Fundsters curious about Jeffrey Gundlach's
next move will know the answer
in a month or so. Gundlach, TCW Group's
star fund manager who was ousted
from his post as chief investment officer on Friday amid a power struggle, told former and prospective investors on Tuesday that he expected
to be managing money again within "30-40 days," the
Los Angeles Times
To read the rest of the story of the fight between Gundlach and TCW, click here.
Gundlach, 50, has yet to make up his mind on whether to form a new company or join an established firm.
Meanwhile, Gundlach's departure has caused the Treasury to suspend a fund that
TCW raised as part of the Public-Private Investment Program. The fund, which had raised more than $1 billion, was to purchase banks' toxic assets. The Treasury's decision was reported by the Times, The Wall Street Journal
“Treasury is currently evaluating its options as an equity and debt investor,” Treasury spokeswoman Meg Reilly was quoted in the media reports as saying.
In other TCW news, Bloomberg reported that TCW had placed $450 million of mortgage securities on sale in an auction Tuesday afternoon.
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