The former TCW chief who KKR tapped to build out its asset management business is leaving. What this means for KKR's efforts to create a mutual fund business isn't clear.

For example, is KKR still in the mutual fund business?

Reuters' Greg Roumeliotis reports that the head of KKR & Co LP's corporate credit and equity investments, William Sonneborn, is stepping down from his role.

Roumeleotis quotes Sonneborn as saying "If you want a happy ending, you need to know when to end your story" without stating what his next career move would be.

Sonneborn is a veteran of Goldman Sachs Group, where he was an investment banker, and TCW, where he worked as president. KKR's private equity group, Carlyle Group, took over TCW.

Sonneborn was a prominent witness during court proceedings involving a law suit between TCW and Jeffrey Gundlach. MFWire coverage of Sonneborn's testimony can be found here, here, and here.

Roumeleotis writes that the global head of KKR's capital management and origination business, Craig Farr, will take over the role this week. Farr will keep overseeing capital markets, but other staff will take on some of his the work load.

Roumeleotis speculates that the unexpected announcement of Sonneborn's departure was intended to coincide with KKR's earnings release. KKR has recently been trying to improve its business by launching a new mutual fund line, but it has received some mockery, MFWire reported. To read more, click here.  

Edited by: Casey Quinlan


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