Burschinger的出口关闭了资产经理TCW的凌乱章节

Joseph Burschinger, former chief risk officer and head of investment operations with Los Angeles–based TCW Group, has left the firm to join Guggenheim Partners in the same role. Burschinger played a prominent part in TCW’s 2009 firing of CIO Jeffrey Gundlach, the star bond fund manager whose fixed-income group oversaw about 65 percent of its $110 billion in assets under management at the time.

Burschinger’s departure closes another messy chapter in TCW’s imbroglio with Gundlach,now CEO of $53 billion DoubleLine Capital, the fastest-growing mutual fund firm ever. Gundlach co-founded Los Angeles–based DoubleLine a couple of weeks after he was fired.

“我们很高兴有Joseph Burschinger加入Guggenheim Partners投资管理作为首席风险官员，纽约和芝加哥古根海姆的一位发言人在一封电子邮件陈述中向斯科特米德内德报告。“将约瑟夫的深入专业知识添加到我们现有的经验丰富的风险管理人员突出了我们坚定不移的承诺，通过不断分析和积极管理所有类别的潜在风险来保护客户资产。”Burschinger和TCW拒绝发表评论。

TCW-gundlach Saga于2009年1月开始，当时TCW的当时所有者，法国银行SociétéGénérale，因在损失的压力下，由于包括高调2008年交易丑闻，决定将资产经理销售。（华盛顿私募股权公司Carlyle Group和TCW管理本公司今年2月份购买了该公司。）Gundlach，TCW的24岁的退伍军人，假设提出购买债券和股权企业的多数控制，假设估值为7亿美元。

TCW.and SocGen never responded to the proposal by Gundlach, who was let go in December 2009. In January 2010, TCW filed a lawsuit in Los Angeles County Superior Court accusing Gundlach of conspiring with TCW staff to open a rival firm and of stealing proprietary information. Gundlach countered by accusing TCW of wanting to steal fees that he had earned from managing client money. In the ensuing trial TCW claimed that it decided to fire Gundlach in what it perceived to be a preemptive strike and acquire fixed-income manager Metropolitan West Asset Management to run the assets managed by Gundlach’s group.

With Burschinger’s exit, most of the seven executives involved in so-called Project G — the internal code name for the firm’s plan to replace Gundlach — are no longer with TCW. As chief risk officer at TCW, Burschinger conducted a secret study, completed on August 24, 2009, of the firm’s ability to keep Gundlach’s mortgage-backed securities team, regarded as critical to retaining client assets, if Gundlach were to leave.

在2011年8月25日，审判期间的证词，首席执行官Marc Stern表示，Burschinger建议只有一名MBS团队成员，患有高风险。Burschinger在包括投资组合管理人员和交易商，包括投资组合管理人员和贸易商的其余部分，以及较低或中等飞行风险。Burschinger认为，与Gundlach一起共同创立MBS组的菲利普··贝拉赫并继续共同发现双嘴，但却处于较低的出发风险。2009年8月27日，七个项目中有六个成员，包括Burschinger和Stern，met and discussed terminating Gundlach根据审判所介绍的会议的票据的说法。（Gundlach的律师提交了一个项目G内部人士作为证据的名单。）

Burschinger’s flight risk study was dead wrong. The Saturday morning after TCW fired Gundlach, 14 staffers — all portfolio managers and traders with the authority to run mortgage-backed securities, the vast majority of assets under Gundlach’s oversight — followed him out the door. In the end, 45 TCW employees joined him at DoubleLine, including Barach, co-manager of many TCW strategies with Gundlach.

On December 4, 2009, hours after Gundlach left, TCW announced that it would buy MetWest, a Los Angeles fixed-income firm with $30 billion in assets and about 100 employees. Headed by well-respected manager Tad Rivelle, MetWest was to oversee Gundlach’s former mandates in a similar style and keep managing its own fixed-income funds.

但到2010年1月顾问，鉴于Gundlach和他的团队的出发，鉴于TCW的持怀疑态度。咨询公司Ennis Knupp＆Associates将所有客户带来MBS曝光的所有客户，以终止与TCW的关系。根据2012年12月的标准普尔的报告，该公司在2012年12月的报告中，该公司最终遭受了大约30亿美元的机构和零售流出.TCW的债务低于投资等级。

2011年9月16日，在洛杉矶高级法院举行了六周的审判后，陪审团达成了分裂判决，并授予Gundlach 6670万美元。TCW.and DoubleLine issued a joint news release2011年12月29日，宣布这两家公司已经解决了所有这些索赔。

自TCW退伍军人的出犯以来，大多数梅德瓦尔的领导都采取了TCW的关键作用。除了Burschinger，已经留下的项目G高管除了CEO Stern（由Metwest的David Lippman所取代），斯特恩仍然在TCW的董事会上），迈克尔·康涅狄格州迈克尔·康涅狄格州的企业战略负责人迈克尔卡希尔总法律顾问。

Several other top TCW executives and department heads have also left since the high-profile axing of Gundlach, including head of human resources Jeannie Finkel, chief compliance officer Hilary Lord, head of institutional marketing Garrett Walls and Richard Wiener, head of the request for proposals group.

Gundlach has one of the best long-term track records among fixed-income managers. For the ten years ended November 30, 2009, the TCW Total Return Bond Fund, managed by him and Barach, posted a 7.75 percent annualized return, versus 5.17 percent for managers in Morningstar’s intermediate-term bond fund category. In 2007, Gundlach was particularly prescient, warning investors about problems in subprime lending. The TCW Total Return Bond Fund was one of the few bond funds with positive returns in 2008. With a 6.03 percent annualized return versus the average of 3.57 percent, the DoubleLine Core Fixed Income Fund ranked No. 4 in Morningstar’s intermediate-term category for the three years ended October 23.