TCW large-cap value team loses its analysts
By Randy Diamond | December 14, 2012 4:03 pm
TCW Group let go the three research analysts on its large-cap value equity team, which has seen large net outflows from its institutional accounts because of underperformance, informed sources said.
Peter Viehl, Justin Braiker and Brandon Gray all were let go this week. The team's portfolio managers Tom McKissick and John Snider will instead be relying on TCW's central analyst research staff for stock selections, the sources said.
The largest institutional strategy supported by the team, the concentrated value performance strategy, had $1 billion in assets as of Sept. 30, down from $4.4 billion as of Dec. 31, 2011.
Two smaller strategies, the TCW Pluris strategy and the large-cap value strategy,also have suffered asset declines. TCW Pluris had $126.4 million as of Sept. 30, down from $877 million as of Dec. 31, 2010. The large-cap value strategy had $200,000 as of Sept. 30, down from $87.8 million as of Dec. 31, 2010.
The sources say company management decided the team's small amount of assets did not justify maintaining its own research staff.
TCW spokesman Peter Viles said the company would have no comment.