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.
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
Viles Head of Employee Communications, Farmers Insurance
David Lippman Head of Fixed Income, Group Managing Director, TCW