NET WORTH: $770 million -4%
LAST YEAR: $800 million
RESIDENCE: Los Angeles
SOURCE OF WEALTH: Financial services
THE MONEY: Quiet year for founder of downtown L.A. money management firm TCW Group, which saw average fund fall more than 2 percent. Day’s stakes in Freeport-McMoRan Copper & Gold and McMoRan Exploration are also down.
BUZZ: Low-profile TCW chairman made rare headlines for testifying in contentious trial over firm’s 2009 firing of star fund manager Jeffrey Gundlach, who started rival firm. TCW sued ex-manager for alleged theft of secrets. Reclusive Day testified in video deposition, calling Gundlach “unstable.” Both sides claimed victory in split verdicts that found Gundlach breached fiduciary duty, but also ordered TCW to fork over $67 million in back pay. TCW bought Metropolitan West Asset Management to reverse capital outflows after Gundlach’s departure. TCW owner Société Générale reportedly considering sale of firm it bought in 2001. Day founded TCW in 1971 after working for New York investment bank. Claremont McKenna College alum is grandson of Superior Oil Co. founder William M. Keck and Los Angeles Gas Co. President Addison Day. Chairman of W.M. Keck Foundation. Has given $200 million to Claremont McKenna. Donates regularly to Republican Party candidates.
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