TCW Partners With Scoggin Capital to Offer New Strategies
Premier Hedge Fund Investment Team to Partner With TCW; TCW/Scoggin
Will Manage Distressed and Event-Driven Alternative Strategies
LOS ANGELES, CA -- (Marketwire) -- 12/03/12 -- 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
Managing Director, Corporate Communications
The TCW Group, Inc.
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