The Carlyle Group’s impending takeover of asset manager TCW has reportedly heralded a string of senior executives stepping down from the LA-based business.
TCW managing directors Michael Conn and Erlend Bø, general counsel Michael Cahill and 22-year TCW veteran Komal Sri-Kumar are leaving the company as part of a management transition ahead of the deal, according to Reuters.
It said Sri-Kumar was stepping down on December 31 to launch his own macro-economic consulting firm, but will continue to manage more than $700m of TCW assets, the company said.
Cahill joined the firm in 1991, Bø in 1998 and Conn in 2005 according to TCW’s website.
Carlyle’s bid for the business hit trouble earlier this year when TCW spin-out EIG filed a complaint with a Californian federal court in August in an attempt to stop Carlyle gaining access to privileged data held in partnership between the companies.
That joint venture was set up to act as a clearing house for sharing some of the data from the firm’s funds when EIG spun out from TCW early last year.
At the beginning of December District Court Judge Christina Snyder ruled the fund be placed into a trust pending the outcome of an arbitration case over whether EIG has the right to approve the sale.
That decision ensured Carlyle’s purchase of TCW could continue in the interim.
The trust ensures the fund will remain frozen until the arbitration is complete, and is enough to protect EIG’s interests according to Judge Snyder.
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