The TCW Group (TCW), an international asset management firm, acquired fixed-income money manager Metropolitan West Asset Management (MetWest) Friday and effectively fired its high yield fixed-income CIO and head portfolio manager.

Jeffrey Gundlach, previous lead investment officer and manager for the Los Angeles-based firm’s bond funds, was “relived of his duties” Dec. 4 and replaced by MetWest’s Tad Rivelle, who previously served as the California firm’s investment head. He will assume the CIO position immediately, a press release said Friday.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.