French investment bank Société Générale's subsidiary The TCW Group, a global asset-management firm with $110bn of assets under management, is acquiring Los Angeles-based Metropolitan West Asset Management. The deal is expected to close during Q110, although financial details were not released as of the publication of this story. TCW concurrently announced the dismissal of an investment head along with the acquisition. "We do not anticipate any change in investment strategy, discipline or style for any of TCW"s high-grade fixed income funds and accounts," said Marc Stern, vice chairman and CEO of TCW, in a statement. "We continue to see strong demand for our equity strategies, as well as our world-class alternative products including mezzanine, distressed debt, real estate and energy and infrastructure investments," Stern added. "We look forward to all of these groups working together to bring the best of the firm's resources to bear for our clients." MetWest partner and CEO, David Lippman, becomes group managing director and head of TCW's high-grade fixed-income business and a member of The TCW Group board of directors, effective with the close of the deal. Tad Rivelle, current chief investment officer (CIO) overseeing MetWest's $30bn of fixed-income assets, becomes CIO of TCW's high-grade fixed-income group with the move. TCW also dismissed Jeffrey Gundlach, TCW CIO and lead portfolio manager of high-grade fixed-income funds. The firm said it "deeply regrets the need to take this action," according to the statement. Write to Diana Golobay.