How Is TCW Doing?
Morningstar checks in on the TCW/Metropolitan West crew following the bond world shakeup caused by Bill Gross' departure from PIMCO.
In mid-March, Morningstar analysts met with several TCW portfolio managers and analysts, including co-director of fixed income Laird Landmann, emerging-markets managing director Penny Foley, co-head of securitized products Mitch Flack, and director of credit research Jamie Farnham. We last visited TCW's Los Angeles headquarters in February 2014. Below we provide some provide background on TCW and the conclusions we drew from our visit.
Taking a Look Back
Private equity giant Carlyle Group and TCW management combined to acquire TCW from Societe Generale in February 2013. While the firm saw some non-investment-team employees depart following the deal, the portfolio manager and analyst ranks have remained stable. That said, TCW's corporate culture has undergone a shift since it dismissed Jeffrey Gundlach and acquired Metropolitan West Asset Management to take over several fixed-income strategies, including TCW Total Return Bond (TGLMX) in December 2009. That's changed the way that some teams have interacted, notably TCW's emerging-markets bond team with MetWest's group of portfolio managers and analysts.
Karin Anderson does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.
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