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Rating:Gundlach Says He'll Make His Move 'Within 30-40 Days' Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, December 09, 2009

Gundlach Says He'll Make His Move 'Within 30-40 Days'

by: Armie Margaret Lee

Fundsters curious about Jeffrey Gundlach's next move will know the answer in a month or so. Gundlach, TCW Group's star fund manager who was ousted from his post as chief investment officer on Friday amid a power struggle, told former and prospective investors on Tuesday that he expected to be managing money again within "30-40 days," the Los Angeles Times reported.

To read the rest of the story of the fight between Gundlach and TCW, click here.

Gundlach, 50, has yet to make up his mind on whether to form a new company or join an established firm.

Meanwhile, Gundlach's departure has caused the Treasury to suspend a fund that TCW raised as part of the Public-Private Investment Program. The fund, which had raised more than $1 billion, was to purchase banks' toxic assets. The Treasury's decision was reported by the Times, The Wall Street Journal and Bloomberg.

“Treasury is currently evaluating its options as an equity and debt investor,” Treasury spokeswoman Meg Reilly was quoted in the media reports as saying.

In other TCW news, Bloomberg reported that TCW had placed $450 million of mortgage securities on sale in an auction Tuesday afternoon. 

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