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MONEY MANAGEMENT
NEWPORT BEACH, Calif. - Value equity manager Metropolitan West Capital Management LLC's assets under management have jumped 155% to $10.2 billion in the nearly 18 months since Evergreen Investment Management Co. LLC took a majority stake.
Growth has come evenly from market appreciation, money from new clients and increased accounts from existing clients said Steven Borowski, managing partner at Met West. Assets grew from $4 billion in June 2006, when Boston-based Evergreen bought a majority stake of the firm.
The firm also launched two new mutual funds run by Met West under the Evergreen name - the $197 million Evergreen Intrinsic Value Fund and the $358 million Evergreen Intrinsic World Equity Fund.
Unshackled from the need to devote heavy resources to marketing and business administration, the investment team at Met West could focus on running money after the Evergreen deal, he said. "We handle the product and they handle the distribution," Mr. Borowski said. As the business grew, the Met West team knew they wanted a strategic partner to help with distribution and administration, he added. Officials at Evergreen declined to say how large of a...