L.A. money manager TCW Group is facing defections by some of its top bond fund talent after the firm on Friday fired Jeffrey Gundlach, its veteran chief investment officer.
Some of the managers who worked directly with Gundlach for the last two decades in TCW’s fixed-income group resigned on Saturday despite the firm’s efforts to keep them.
Those departing included Philip Barach and Louis Lucido, two senior managers of TCW’s mortgage-backed securities portfolios. Barach also was co-manager, with Gundlach, of TCW’s $12-billion-asset Total Return Bond fund, the firm’s top-performing mutual fund.