865 South Figueroa Street
22FL
Los Angeles, CA 90017
Google Maps
Contact
Main Phone: 213-244-0000
Web Site:
http://www.tcw.com
Mutual Fund Brand(s)
TCW Funds, MetWest Funds
Research Links
SEC Fund Filings by CIK
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Background:
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TCW Investment Management manages more than $135 billion in assets, offering mutual funds under the TCW and MetWest fund brands. Their portfolios focus on oil, gas and electric private placement debt and equity investments. For example, in their energy portfolios, investments include mezzanine loans, production payments, royalties and so on.
Ownership
On August 9, 2012, after months of rumors and speculation, freshly-IPOed private equity shop Carlyle Group announced a deal to buy 60 percent of TCW, via two Carlyle funds, while TCW employees and management will up their stake in TCW to about 40 percent. The deal is slated to close in the first quarter of 2013.
In 2001, TCW was acquired by Societe Generale Asset Management (a division of France's Societe Generale). Following the January 2009 merger of the Societe Generale and Credit Agricole independent asset management business, Credit Agricole acquired a 20 percent stake in TCW. Prior to the Carlyle deal TCW remained an autonomous subsidiary of Societe Generele.
History
Robert Day founded Trust Company of the West (TCW) in 1971 and remains the chairman of the asset manager. TCW became the third independent trust company in California in 1972 and in 1974 it merged with Shareholders Asset Management Company.
TCW's mutual fund group were founded as the TCM Galileo Funds and rebranded as TCW Funds, Inc. in 2006.
In September 2005, Robert Beyer succeeded Day as CEO until he retireed in 2009. Upon Beyer's retirement in July 2009 TCW's board named Marc Stern interim chief executive officer. Stern became permanent CEO in December. TCW had hired Stern as president in 1990 before naming him as vice chairman in 2005.
David Lippman is now president and chief executive officer of TCW. He joined in 2009 during the acquisition of Metropolitan West Asset Management (MetWest).
Acquisitions & Partnerships
TCW partnered with Cursitor-Eaton to manage global asset-allocation portfolios 1987.
It formed a mutual fund alliance with Dean Witter in 1992.
DBL Americas Development Inc.
TCW acquired DBL Americas Development in 1990. The business is known today as TCW Worldwide Opportunities.
Dillon Read International Asset Management
To expand globally, it purchased Dillon Read in 1993 and opened offices in London and Hong Kong.
Crescent Capital
West Los Angeles Leveraged Finance Group created in 1995 with the purchase of Crescent Capital.
Buchanan Street Partners
TCW acquired a majority interest in Buchanan Street Partners in 2007.
Metropolitan West Asset Management
In late 2009, TCW disclosed plans to buy Metropolitan West Asset Management, an income manager with $30 billion in assets, in the first quarter of 2010.
DoubleLine Lawsuit
In December 2011 TCW settled all claims against and from its former chief investment officer, Jeff Gundlach, Gundlach's colleagues, and Gundlach's new firm, DoubleLine Capital. The terms of the settlement were not disclosed.
TCW fired Gundlach in December 2009, then accused him and his colleagues of swiping trade secrets on their way out. Gundlach and his colleagues counter-sued over the firing itself and unpaid wages. With roughly 40 former TCW professionals, Gundlach ultimately founded DoubleLine Capital
Further Deals
In December 2012, TCW partnered with Scoggin Capital to form TCW/Scoggin, which manages distressed and event-driven alternative investment strategies.
In September, TCW acquired Beverly Hills, California-based Croton Equity Partners, a private equity firm with $242 million in assets.
In January 2014, TCW partners with the boutique Emerging Global Advisors to launch three ETFs covering emerging markets debt.
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Sponsored Opportunities
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Key People:
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Robert Day
Chairman, TCW | Marc Stern
Vice Chairman and CEO, TCW | Michael Reilly
Chief Investment Officer - Equities, Director of U.S. Equity Research, Group Managing Director, TCW | Richard Villa
Managing Director, Chief Financial Officer, TCW | Michael Cahill
Executive Vice President, General Counsel, TCW | David DeVito
Executive Vice President, Chief Administrative Officer, TCW | Joseph Burschinger
Executive Vice President, Chief Risk Officer, Head of Investment Operations, TCW | Michael Conn
Managing Director, Corporate Strategy, TCW | Daniel Kale
Manging Director, Director of Information Technology, TCW | Hilary Lord
Managing Director, Chief Compliance Officer, TCW | Cheryl Marzano
Managing Director, Head of Human Resources, TCW | Peter Viles
Senior Writer, Capital Group | David Lippman
Head of Fixed Income, Group Managing Director, TCW |
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