TCW Seeks CDO Liaison
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TCW Seeks CDO Liaison

TCW Asset Management is in the market to replace Fred Horton, managing director in the collateralized debt obligation group, who recently resigned and has since joined GSC Partners, a specialty credit investor.

TCW Asset Management is in the market to replace Fred Horton, managing director in the collateralized debt obligation group, who recently resigned and has since joined GSC Partners, a specialty credit investor. In the coming months, TCW plans to hire a full-time professional to be based in New York to assume Horton's role as a liaison between Wall Street banks and the asset manager, according to Jeffrey Gundlach, president.

Gundlach said TCW, which has $11 billion in CDOs under management, will not immediately replace Horton and instead will consolidate his duties among existing staff. "The equity and mezz financings were difficult to place [at the advent of the asset-backed CDO market in 2001]," Gundlach said. But now, "it's become much easier and the deals are oversubscribed. Now the equity is the easiest thing to sell," Gundlach said, attributing this to a universal bid for yield. As a result of the ease in selling subordinate classes, TCW will not immediately replace Horton, he said. Horton could not be reached by press time.

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