LOS ANGELES, CA - The TCW Group, Inc. announced the completion of its acquisition of Metropolitan West Asset Management LLC (MetWest), first announced Dec. 5 together with the firing of chief investment officer Jeffrey E. Gundlach.

With the acquisition, TCW has $115 billion in assets under management – indicating that it has lost $25 billion in AUM since Gundlach's departure. At the time of the initial MetWest announcement, TCW and MetWest had $110 billion and $30 billion in AUM, respectively. MetWest itself has seen approximately $1 billion in inflows since early December.

In a statement accompanying the merger completion announcement, Marc Stern, CEO of TCW, said, "The strategic acquisition of MetWest provides TCW with a strong investment platform to meet the needs of our clients and further enhance its long-term growth potential. MetWest's David Lippman, now head of TCW's high-grade fixed income group, and MetWest’s Tad Rivelle, now the high-grade fixed income group's chief investment officer, have been instrumental in facilitating the integration of our two firms."

Jacques Ripoll, head of global investment management and services at Société Générale, TCW's parent company, stated, "Société Générale is committed to developing TCW for the long-term."

Former TCW CIO Gundlach now operates a newly-established firm, DoubleLine LLC, which employs more than 30 professionals who moved from TCW. Law suits and counter-suits have ensued. (IAM News)

 

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