Federal Court OKs Proposed TCW Sale
PIMCO granted patent for GDP-weighted global bond indexing scheme, Compass EMP rolls out 13 mutual funds, and American Century announces the liquidation of an S&P 500 Index fund.
Carlyle Group's (CG) planned acquisition of TCW Group from Societe Generale (GLE) will not be sidetracked by an arbitration case filed by a former TCW unit. The acquisition would place 60% of TCW in Carlyle hands and leave the other 40% of the firm's equity in the hands of management and employees. A TCW spin-off, EIG Global Energy Partners, had sought to block the sale.
After separating from TCW in December 2010, EIG retained its interest in a joint venture with TCW responsible for running a $4 billion energy investment fund. When the proposed TCW takeover was announced in August, EIG filed a suit to block the transaction. EIG's suit claims the acquisition could provide Carlyle--a competitor with rival energy funds--access to otherwise sensitive and proprietary information about EIG's portfolio of investments.
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