Katie Koch stepped into the CEO role in early 2023 following the retirement of David Lippman, who had been in that seat since TCW management and The Carlyle Group partnered to buy the firm from Société Générale in 2013. Koch joined from Goldman Sachs, where she spent 20 years and most recently was CIO of Goldman's $300 billion public equity business. While TCW's decision to hire an outsider with an equity background was a surprise, it's clear that Koch was chosen for her vision for the firm and experience at running an investment business. It's unlikely that there will be major changes to the investment teams, especially the standout fixed-income group that oversees roughly 90% of the firm's $205 billion in assets.
Carlyle owns 31% of TCW, while employees own 44%. The remaining 25% is owned by Nippon Life, which entered the picture in 2017 when it bought its stake from Carlyle. The two outside owners have been largely hands-off and, except for a brief foray into liquid alternatives, TCW has hewed close to its core competencies. The ownership structure has been at a standstill since 2017, though going forward there is the potential for change to that makeup, which brings its own attendant risks and opportunities.