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Rating:SocGen Writes Down TCW Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, August 01, 2012

SocGen Writes Down TCW

News summary by MFWire's editors

Societe Generale just took a big write-down thanks to TCW [profile], 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.

Dow Jones, the New York Times and Reuters 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. 

Edited by: Neil Anderson, Managing Editor


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