(Adds comments from TCW executive, details on departure)
Aug 25 Asset management firm TCW Group Inc has appointed Jeffrey Engelsman global chief compliance officer in an effort to adapt to increasingly complex financial regulation.
Engelsman reports to David Lippman, TCW president and chief executive, and Meredith Jackson, executive vice president and general counsel. Engelsman, who was previously at New York Life Investments, replaced Hilary Lord, who retired from TCW last October after 26 years with the firm.
TCW oversees roughly $141.6 billion in assets.
Engelsman is based in the TCW's Los Angeles headquarters. A New York Life spokeswoman confirmed the departure and said Engelsman served as managing director at New York Life Investments and chief compliance officer for MainStay Investments, a subsidiary of New York Life.
Engelsman left the firm in early August, the New York Life spokeswoman said. She declined to comment further.
Engelsman's appointment was part of a broader effort to adapt to global financial regulations such as the Dodd-Frank law and the Alternative Investment Fund Management Directive (AIFMD), TCW's Jackson told Reuters.
"We do believe that the regulatory frameworks worldwide are becoming more and more complex," Jackson said. "With Jeff, we saw somebody who could take us to the next level."
U.S. Congress passed the 2010 Dodd-Frank financial reform law in response to the 2008-2009 financial crisis, while Europe launched the AIFMD rules a year ago to tighten regulation of the hedge fund industry.
Jackson said that, aside from the appointment, TCW has not planned any significant changes to the firm's compliance department. (Reporting by Sam Forgione; Editing by Lisa Shumaker)