Carlyle buys asset manager TCW Group from Société Générale.
Washington-based private equity company The Carlyle Group has agreed to buy asset management firm TCW Group from Société Générale.
“As a result of the transaction, TCW management and employees will increase their ownership in the firm to approximately 40% on a fully diluted basis, better aligning interests with clients,” Carlyle said.
Carlyle and TCW didn’t disclose the value of the transaction.
The equity for the investment will come from two Carlyle investment funds, Carlyle Global Financial Services Partners L.P and Carlyle Partners V, as well as from TCW management.
TCW is a diversified asset management firm which offers US equities and fixed income, international and alternative strategies, with approximately $130bn under management.
The firm’s $42bn mutual fund franchise reported $13bn net inflows in 2011 and 2012.
Following the deal, David Lippman, previously Group managing director and head of fixed income, has become president and chief executive of the TCW Group, succeeding Marc I. Stern.