SOURCE: The TCW Group, Inc.

The TCW Group, Inc.

January 04, 2010 18:45 ET

TCW Opts Out of U.S. Treasury's Public-Private Investment Program

LOS ANGELES, CA--(Marketwire - January 4, 2010) - The TCW Group, Inc. (TCW), an international asset management firm with approximately $110 billion in assets under management, today announced it has voluntarily withdrawn its UST/TCW Senior Mortgage Securities Fund, L.P. from the U.S. Treasury's Legacy Securities Public-Private Investment Program (PPIP). TCW will conduct an orderly liquidation of the Fund and distribute capital to the Fund's investors.

The UST/TCW Senior Mortgage Securities Fund, L.P., which has approximately $500 million in assets under management, completed its initial closing on September 30, 2009.

"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," said Marc I. Stern, Chief Executive Officer. "This will also benefit the holders of older TCW vintage funds, as we will be able to dedicate even more resources to those investments."

On December 4, 2009, TCW announced its intention to acquire Metropolitan West Asset Management (MetWest), a nationally recognized fixed income investment management firm with approximately $30 billion in assets under management.

About TCW

Founded in 1971, The TCW Group, Inc. develops and manages a broad range of innovative, value-added investment products that strive to enhance and protect clients' wealth. The firm has approximately $108 billion in assets under management. TCW clients include many of the largest corporate and public pension plans, financial institutions, endowments and foundations in the U.S., as well as a substantial number of foreign investors and high net worth individuals. TCW is a subsidiary of Société Générale. For more information, please refer to

Contact Information

  • Contact:

    Erin K. Freeman
    Managing Director, Corporate Communications
    (213) 244-0464
    Email Contact