TCW to Separate Lev Finance Group
Jean-Marc Chapus and Mark Attanasio will continue to oversee the group.
July 30, 2010
TCW Group is planning to separate its leveraged finance group, which currently manages $11.5 billion, from the Los Angeles-based investment manager, according to sources.
The unit, Crescent Capital Group, will become independent early next year. The firm will still control the existing $11.5 billion under management plus any new amounts added between now and then.
The unit currently manages $3.5 billion in CLOs and managed accounts, roughly $2.3 billion of high yield bond assets, $4.9 billion of mezzanine and about $750 million of distressed debt.
Jean-Marc Chapus and Mark Attanasio will continue to oversee the group.
TCW, a subsidiary of Société Générale, will continue to provide back-office services to the new entity for its first two years.
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