Content area
Full text
The TCW Group (TCW), an international asset management firm, acquired fixed-income money manager Metropolitan West Asset Management (MetWest) Friday and effectively fired its high yield fixed-income CIO and head portfolio manager.
Jeffrey Gundlach, previous lead investment officer and manager for the Los Angeles-based firm's bond funds, was "relived of his duties" Dec. 4 and replaced by MetWest's Tad Rivelle, who previously served as the California firm's investment head. He will assume the CIO position immediately, a press release said Friday.
"Mr. Gundlach threatened to leave TCW and take key employees with him which would have interrupted our ability to manage clients high grade fixed-income assets," TCW spokesperson Erin Freeman told IMW in a phone conversation this morning. "We were left no choice, but to find an alternative to ensure the continuity in our...