At a 51-year-old, $220-billion-AUM, fixed income-focused asset manager in Southern California, the longtime chief is preparing to pass the reins to an an international- and stock-investing veteran.
| Kathryn "Katie" Koch|
The TCW Group, Inc.
Incoming President and CEO
Today, Marc Stern
, chairman of the board of the TCW Group, Inc.
that Katie Koch
(age 42) will succeed David Lippman
(age 63) as president and CEO of the Los Angeles-based fund firm. The handoff is expected to take place in the coming months, and Lippman is expected to retire from TCW by the end of 2022. Stern will continue to serve as chairman.
has spent her entire 20-year career with Goldman Sachs
, most recently as chief investment officer of the public equity business at Goldman Sachs Asset Management
(GSAM), the investment bank's asset management arm. A Goldman spokesperson confirms that Koch's role will not be replaced.
"Goldman Sachs takes pride in identifying and empowering leaders and it is no surprise when some are offered important leadership roles at other firms," Julian Salisbury
, co-head of GSAM, tell MFWire
via an emailed statement. "Goldman Sachs Asset Management has a world-class global team of investors and we are confident that the leaders in the public equity business will continue to seamlessly serve our clients. Our deep bench is a testament to Katie's success in bringing together the talented individuals that comprise the global equity investing platform."
In an internal memo sent out this morning, Salisbury and Luke Sarsfield
, GSAM's other co-head, confirm that the heads of GSAM's public equity businesses will now report to Ashish Shah
, global chief investment officer of public investing. Those public equity leaders include: Steve Barry
, who will continue to serve as CIO of fundamental equity; Monali Vora
, who will continue to lead quantitative equity solutions; and Osman Ali
and Dennis Walsh
, who will continue to serve as co-heads of quantitative investment strategies.
At TCW, Stern lauds Koch as "an extraordinarily dynamic and inspirational leader" and "an incredibly impressive executive with deep experience in asset management and a demonstrated track record of building exceptional investment cultures and innovating to drive growth."
"Her appointment ushers in a new generation of leadership for TCW that I have no doubt will have a positive impact on our Firm well into the future," Stern states.
"I am humbled and grateful for the opportunity to lead a company with the strong heritage and bright future of TCW," Koch states. "I am energized to work with the TCW team globally to deliver for our clients and drive the next phase of our growth."
As for Lippman, he lauds Koch as "a truly talented leader who has demonstrated the vision, optimism and determination to lead TCW."
"I look forward to working with her on the transition into this role and wish her great success in the years ahead," Lippman states.
Stern calls Lippman "an incredible leader" and thanks him for having "adeptly steered TCW through one of the most successful periods of the firm's long history."
"We wish him all the best in his retirement," Stern states.
News of the impending CEO handoff comes nine years after Carlye Group bought
TCW and five years after Nippon Life bought
part of Carlyle's TCW stake and TCW employees upped their share (reducing Carlyle to a minority shareholder of TCW).
Before rising earlier this year to CIO of public equity at GSAM, Koch served
as co-head of fundamental equity, rose
to partner, led the international global portfolio solutions group, and worked in private wealth management. She joined Goldman back in 2002 and is an alumna of the University of Notre Dame.
Lippman joined MetWest in 2001, serving as a portfolio manager before taking over
as CEO in 2008. When TCW bought
MetWest in 2010, Lippman stayed on as head of the high-grade fixed income group, and he rose
to CEO of all of TCW (succeeding Stern) in 2012.
Before his time at TCW and MetWest, Lippman worked at Credit Suisse First Boston, Donaldson Lufkin & Jenrette, and Drexel Burnham Lambert. He is an alumnus of Hofstra University and of Drew University.
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