Tad Rivelle, CIO of fixed income at TCW Group, will retire at the end of the year after nearly 35 years in the industry, according to a client letter and internal letter provided to Pensions & Investments that was sent out Wednesday.
What’s more, the contract of President and CEO David Lippman is set to expire at the end of 2022, spokesman Doug Morris said in an email. “But we’ve made no announcements as to his plans after that point.”
Laird Landmann, Steve Kane and Bryan Whalen will continue as generalist portfolio managers, reducing the generalist portfolio manager team to three from four. TCW might add another generalist portfolio manager but has no set time to do so, Mr. Morris said.
Messrs. Kane and Whalen will replace Mr. Rivelle as co-CIOs for fixed income starting in the fourth quarter, said the internal note signed by the three executives.
Mr. Landmann will continue serving on the TCW board and the MetWest funds board.
Ruben Hovhannisyan, a senior analyst for the generalist team has been promoted to the new position of associate generalist.
“As for Tad, we are incredibly grateful to him for the decades of leadership, his commitment to our clients, and the support he has given us as colleagues,” Messrs. Landmann, Kane and Whalen said. “We have worked with Tad for some 20-30 years, and we have certainly benefited enormously from his insights and expertise.”
