NET WORTH:

$710 million 6.6%

LAST YEAR: $760 million

AGE: 69

RESIDENCE: Los Angeles

SOURCE OF WEALTH: Financial services

THE MONEY: Money management firm TCW Group, after more than a decade as a subsidiary of French bank Societe Generale, purchased by Carlyle Group. Deal valued company between $700 million and $800 million. Day has large positions in Freeport McMoRan, and holds 556,000 acres of Florida timberland and an 1,800-acre resort in Los Cabos, Mexico.

BUZZ: Stepped down from longtime post as TCW chairman in first quarter of this year as part of reorganization of downtown L.A. firm. Sale of TCW gave employees 40 percent ownership in firm. TCW struggled during its 11 years under SocGen ownership. Bank bought majority stake in the company in 2001 for $880 million but watched the firm’s growth slow compared with competitors. Sale to Carlyle Group significantly devalues firm that Day, grandson of Superior Oil Co. founder William M. Keck and Los Angeles Gas Co. President Addison Day, started in 1971.

For reprint and licensing requests for this article, CLICK HERE.