Investment firm TCW Group is not for sale, Societe Generale says
The French parent of TCW Group Inc. said Tuesday that the Los Angeles investment firm is not for sale.
The declaration by Societe Generale came in response to a report by Bloomberg News, which quoted anonymous sources saying the French bank may put the U.S. money manager up for sale, or potentially strike a deal for a management-led buyout.
“Societe Generale’s plans for TCW have not changed,” SocGen said in a statement. “TCW is not for sale, and we continue to believe that TCW is on a trajectory for strong and sustained growth.”
A TCW spokesman declined to comment.
France’s second-largest bank said it was “on track” to spin off TCW in an initial public offering in the next two to three years.
TCW made headlines when the company and its former chief investment officer, Jeffrey Gundlach, sued each other in 2010 over TCW’s firing of Gundlach. A jury in September rendered a split verdict in the case, largely agreeing with TCW but ordering the firm to write a $67-million check to Gundlach and three lieutenants for back pay. Certain issues in the case are awaiting a judge’s decision.
