One of the founding partners of MetWest is leaving TCW [profile], and a Wamco [profile] alum will fill his shoes.

MFWire has learned that Chris Scibelli, managing director and head of institutional distribution and marketing, is leaving Los Angeles-based TCW. Scibelli was one of the founding partners of MetWest, also based in the City of Angels, before it was purchased by rival TCW three years ago.

Wamco client service executive Joe Carieri, who works with public funds and taft-hartley plans, will join TCW to succeed Scibelli. As head of U.S. institutional distribution and marketing, Carieri will report directly to TCW president and CEO David Lippman.

Mary Athridge, a spokeswoman for Wamco parent Legg Mason, told MFWire that Wamco "will be reassigning the client relationships within the existing team" with Carieri's help. She described the parting as "very cordial."

"He's been a terrific colleague, and he got a great opportunity," Athridge said. "We wish him well."

Prior to the TCW deal, Scibelli oversaw all distribution and marketing for MetWest. Before MetWest's founding he worked with Hotchkis and Wiley and Patterson Capital Corporation.

After MFWire posted the initial version of this story, TCW issued the press release below:

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Company Press Release

June 14, 2013 04:35 PM Eastern Daylight Time

Joseph Carieri Joins TCW as Head of Institutional Distribution and Marketing

Former Western Asset Management Company Client Services Veteran Brings to TCW Over 30 Years of Experience Working with Pension Plans and Other Sophisticated Institutional Investors

LOS ANGELES--The TCW Group, a global asset management firm, is pleased to announce the appointment of Joseph Carieri, 52, as head of U.S. institutional distribution and marketing. Carieri will be responsible for all marketing activities and initiatives related to the institutional investor community and will report directly to TCW President and CEO David Lippman.

“I have known Joe for over 25 years and we are fortunate to have someone of his caliber and experience joining our ranks,” said David Lippman. “Joe has a proven track record and a keen sense of the needs and issues facing institutional investors, having worked most recently at one of the largest asset management firms in the U.S., and before that as an investor and steward of public capital at LACERA. Joe will be a welcome and valuable addition to TCW and I have every confidence that he will continue TCW’s long tradition of unparalleled client service and be an integral part of growing our institutional client base.”

Carieri brings a wealth of experience to TCW from Western Asset Management Company (WAMCO) where he served as a Senior Client Service Executive for 18 years and was responsible for the Public Fund and Taft Hartley markets. Prior to WAMCO, Carieri was the Senior Investment Officer for the Los Angeles County Employee Retirement Association (LACERA). Carieri also served as Co-Head of High Yield Bond Trading before that at Fidelity Investments. Carieri received a joint degree in Economics and Finance from Saint Francis College in New York and holds an MBA from the Anderson School of Management at UCLA.

“I am very excited to be joining a brand as storied and established as TCW, especially during such an exciting time in its development,” said Carieri. “TCW is well known for its leading investment management prowess across a diversified mix of asset classes, and for its impeccable client service working with some of the largest and most sophisticated institutional clients around the world. The opportunity to be a part of the firm’s continued growth in this area was incredibly appealing.”

Carieri will take over marketing responsibilities from Chris Scibelli, formerly a founding partner of MetWest and a managing director at TCW, who is leaving the firm to pursue other opportunities. “I am proud of the many accomplishments we made at MetWest, which we built into a well-respected fixed income firm, and its subsequent successful combination and integration with TCW,” said Scibelli. “I look forward to the next chapter in my career and the many new challenges it will bring.”

About the TCW Group

Founded in 1971, The TCW Group, Inc. develops and manages a broad range of innovative, value-added investment products that strive to enhance and protect clients’ wealth, with approximately $130.7 billion in assets under management as of March 31, 2013. TCW clients include many of the largest corporate and public pension plans, financial institutions, endowments and foundations in the U.S., as well as a substantial number of foreign investors and high net worth individuals. For more information, please refer to www.tcw.com.

 

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