[Update 1: adds re-branding of wealth management arm of SocGen] French investment bank Société Générale’s subsidiary The TCW Group, a global asset-management firm with $108bn of assets under management, opted out of the Treasury Department‘s Public-Private Investment Program (PPIP) due to management changes. The PPIP is divided in two major programs — the securities branch and the loan branch — which together aim to clear mortgage-related securities and other toxic assets from banks’ balance sheets. The program provides federal equity matches for privately raised capital. TCW withdrew its UST/TCW Senior Mortgage Securities Fund from the legacy securities branch of the PPIP. The fund, which has $500m of assets under management, will be liquidated and its capital distributed to its investors. “Given that we are at a very early stage of investment in this particular product, and in light of the recent changes in the portfolio management team, we believe this action is appropriate and in-line with TCW’s commitment to act in the best interests of our clients,” said CEO Marc Stern in a press statement Monday. Stern added: “This will also benefit the holders of older TCW vintage funds, as we will be able to dedicate even more resources to those investments.” The news comes after TCW previously dismissed Jeffrey Gundlach, chief investment officer and portfolio manager of high-grade fixed-income funds. Paris-based Société Générale is generally undergoing extensive internal restructuring, sources tell HousingWire. The asset-backed securities team largely exited back in April. As of January 1, the wealth management firm SG Private Banking adopted the brand name Société Générale Private Banking in order to build on the investment bank’s full range of services. The firm said in early December it intended to acquire Los Angeles-based Metropolitan West Asset Management, a fixed-income investment management firm with approximately $30bn in assets under management. The deal is expected to close during Q110, although financial details were not released as of the publication of this story. Write to Diana Golobay.