TCW Group Inc., the Los Angeles-based money manager owned by France’s Societe Generale SA, said Marc Stern will take over as interim chief executive officer from Robert Beyer, who will retire at the end of the month.
Stern, 65, was president of TCW from 1990 to 2005, and since then has been vice chairman, the company said today in a statement. Beyer, 49, decided to retire when his contract ends at the end of June, according to the company.
Beyer, who was named chief executive of TCW in 2005, was previously the company’s chief investment officer. He was the co-founder and co-CEO of Crescent Capital, an investment firm that was acquired by TCW in 1995.
TCW, formed in 1971, manages about $100 billion, mainly for institutions such as corporate and public pension funds, endowments and foundations.