MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, December 8, 2009 Three More Gundlach Lieutenants Bid Adieu to TCW Three more TCW managing directors have left on the heels of chief investment officer Jeff Gundlach's ouster, The Los Angeles Times reports. To read the rest of the story of the fight between Gundlach and TCW, click here. Joel Damiani, Vincent Fiorillo and Joseph Galligan exited the Los Angeles firm. This comes in the wake of the departures of Philip Barach and Louis Lucido, who resigned over the weekend. The Times, citing anonymous sources, reports that a total of about 15 people out of TCW's 65-strong fixed-income group have left since Gundlach was ousted by the company Friday last week. Meanwhile, the paper reports that TCW Total Return Bond Fund on Monday saw redemptions in the $1-billion range, representing about 8.3 percent of the fund's total AUM of $12 billion. The pub cites three unnamed sources for the redemption figure. A power struggle at TCW resulted in the Friday announcement that the firm was buying fixed income manager Metropolitan West Asset Management and firing Gundlach. MetWest CIO Tad Rivelle and key investment staffers have taken on portfolio management duties for TCW's high-grade fixed income products. The rest of the MetWest staff will become TCW employees when the transaction is complete in the first quarter. Gundlach's next move is closely watched by industry insiders. On Sunday, he told the Los Angeles Times that he is weighing whether to start his own company or join an established asset management firm. On Monday, he told the paper that he was "lopsided" toward the prospect of setting up his own shop, though he has yet to make up his mind. Printed from: MFWire.com/story.asp?s=23462 Copyright 2009, InvestmentWires, Inc. All Rights Reserved |