A group of money managers at TCW are splitting off from the mothership. Mark Attanasio and the rest of the leveraged finance group are forming an investment firm next year called Crescent Capital LLC, according to a source familiar with the situation. The group manages $11.5 billion.

TCW and the leveraged finance group have reached a deal under which the $11.5 billion stays with TCW and will be managed by the same investment team through a sub-advisory agreement.

Client letters went out yesterday.

The leveraged finance group consists of around 75 people. Crescent Capital LLC will officially come into being on January 1, 2011.

"The collaborative process in formulating these arrangements speaks to the constructive environment at TCW, as well as the dedication of TCW and the principals of Crescent to work together on behalf of our clients,” said TCW CEO and vice chairman Marc Stern in an e-mailed statement.  

Edited by: Armie Margaret Lee


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