TCW Group Inc., the asset manager that this year agreed to be acquired by Carlyle Group LP, said Chief Global Strategist Komal Sri-Kumar will step down from that position Jan. 1 to open his own macroeconomic-consulting firm.
Sri-Kumar, who has been at TCW since 1990, will still be a portfolio manager for TCW and part of the team that manages about $700 million of institutional money for the firm’s comprehensive asset-allocation strategy, according to Peter Viles, a spokesman for the Los Angeles-based firm. He signed a three-year contract to remain with TCW as a portfolio manager, Viles said today in a telephone interview.
Private-equity firm Carlyle Group (CG) in August agreed to buy TCW in a deal that will give management and employees a 40 percent stake. TCW, which manages about $135 billion, was owned for more than a decade by French bank Societe Generale SA.
Reuters reported Sri-Kumar’s move earlier today.
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