Societe Generale, the French banking group, has closed the sale of its US-based asset manager, TCW Group, to the Carlyle Group and the management of TCW for an undisclosed sum.

The move creates an independent firm that is 40 per cent-owned by TCW management and employees.

David Lippman takes on the role of president and chief executive of TCW, succeeding Marc Stern, who is now chairman of the newly-formed TCW board of managers.

“The unifying effects of an ownership mentality, combined with resources, knowledge and guidance from Carlyle will fuel TCW’s continued growth,” said Stern.

When the deal was announced last August, SocGen said the decision to sell TCW was part of the bank’s plan to focus resources on its core activities and simplify its organisation.

Equity for the investment came from two Carlyle investment funds and from TCW management. The funds are Carlyle Global Financial Services Partners, a $1.1 billion financial services fund, and Carlyle Partners V, a $13.7 billion US buyout fund.

Founded in 1971, TCW Group had some $138 billion in assets under management at the end of last year, for clients such as high net worth individuals.   

The Carlyle Group is a New York-listed global alternative asset manager with $157 billion in AuM across 101 funds and 64 fund-of-fund vehicles, as at end-September, 2012.