(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
(Reporting by Sam Forgione; Editing by Lisa Shumaker)