just took a big write-down thanks to TCW
], even as fundsters whisper that the Los Angeles-based mutual fund shop is about to change hands. Today in its Q2 earnings report
, the French bank revealed a 200 million euro ($246 million) goodwill write-down related to TCW.
, the New York Times
both reported on SocGen's results.
To put that figure into context, one fundster told MFWire
that Carlyle Group
is about to agree to shell out $700 million to buy TCW. That compares with the $350 million then-chief investment officer Jeff Gundlach
offered SocGen for 51 percent of TCW in September 2009 (which equates to a valuation of about $700 million for all of TCW) and the $300 million TCW agreed to pay for MetWest
in a deal sealed in December 2009. Gundlach revealed
his offer price in court testimony last year, and the MetWest price came out in a document
related to the case.
Neil Anderson, Managing Editor
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