US - TCW Group announced it has withdrawn from the government's programme to invest in toxic bank assets following a staff exodus at the bond asset manager.
The firm said it has "voluntarily withdrawn" from the US' Public Private Investment Program (PPIP) and will return the US$500m invested in the UST/TCW Senior Mortgage Securities Fund to investors.
TCW chief executive Mark Stern said: "Given that we are at a very early stage of investment in this particular product, and in light of the recent changes in the portfolio management team, we believe this action is appropriate and in-line with TCW's commitment to act in the best interests of our clients."
In early December, TCW announced it had acquired bond manager Metropolitan West Asset Manager and, in a surprise move, axed their well-known chief investment officer Jeffrey Gundlach. Within days, Gundlach announced he had set up his own firm, DoubleLine Capital, and that more than 30 TCW staffers had defected. (Global Pensions; December 7, 2009)
In a release yesterday, DoubleLine said another three portfolio managers had left TCW for Gundlach's firm. Luz Padilla, former portfolio manager and managing director of the TCW emerging markets fixed income group, along with Mark Christensen and Su Fei Koo. Christensen and Koo were the two most senior members in Padilla's investment team.
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