LOS ANGELES, CA--(Marketwire - Dec 3, 2012) - The TCW Group, Inc. (TCW), an international asset management firm, and Scoggin Capital Management, which consists of its two affiliated investment advisors, Scoggin LLC and Old Bellows Partners ("Scoggin"), announced today that they have formed TCW/Scoggin LLC ("TCW/Scoggin") to manage distressed and event-driven alternative investment strategies. TCW/Scoggin will be jointly owned by TCW and Scoggin. TCW is a diversified asset management firm and TCW/Scoggin further expands TCW's alternative investment platform. Scoggin will be responsible for the day-to-day operations and all investment decisions of TCW/Scoggin. Jess Ravich, Group Managing Director and Head of Alternative Products at TCW, will oversee TCW/Scoggin.
Founded in 1988, Scoggin is a global investment manager of event-driven strategies, advising private investment funds that invest in equities and international and domestic distressed credit. Scoggin presently advises two private investment fund complexes with assets of approximately $1.5 billion. The partners of Scoggin will continue to manage these funds with no change in strategy or ownership. TCW/Scoggin will allow both TCW and Scoggin to leverage their respective capabilities and enhance the opportunity set for the clients of both firms.
"This new relationship brings to TCW an accomplished and respected team of investors with an outstanding track record that spans 24 years," said David Lippman, President and Chief Executive Officer of TCW. "Like TCW, Scoggin made its mark as a research-intensive firm that takes a bottom-up approach to investing and has a strong emphasis on risk management."
Under the agreement, Scoggin co-founders, Craig Effron and Curtis Schenker, and Scoggin's head of distressed investments Dev Chodry, who collectively have decades of investment and portfolio management experience, will remain employees of Scoggin. Therefore, they will maintain their current responsibilities at the Scoggin funds while also managing the TCW/Scoggin funds.
"I'm very happy to team with Scoggin as we move to expand our alternatives capabilities and product offerings," said Ravich. "Our client base will now have access to an accomplished team of professionals with a long and proven track record of outperformance."
"TCW is one of the premier franchises in the asset management world with a 41-year tradition of consistently strong investment management and a reputation for product innovation," said Craig Effron, co-founder of Scoggin. "The firm possesses broad research and analytic capabilities, enviable institutional relationships and a world-class distribution network. We see TCW as the perfect partner for us to augment our opportunity set."
Scoggin was founded in 1988 and consists of two global investment managers in event-driven equities and international and domestic distressed credit strategies. Scoggin's principals and portfolio managers, Craig Effron, Curtis Schenker and Dev Chodry, have decades of successful investment experience across a wide variety of economic and market cycles. Scoggin presently advises private investment funds with assets of approximately $1.5 billion.
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 $135 billion in assets under management, including $47 billion in mutual funds under the MetWest and TCW Fund families. 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. For more information, please refer to www.tcw.com.