The TCW Group Inc., an international asset management firm, has voluntarily withdrawn its UST/TCW Senior Mortgage Securities Fund LP from the Treasury's Public-Private Investment Program.

TCW, a subsidiary of France's Societe Generale, said it will liquidate the fund and distribute capital to the fund's investors.

"Given that we are at a very early stage of investment in this particular product, and in light of the recent changes in the portfolio management team, we believe this action is appropriate and in-line with TCW's commitment to act in the best interests of our clients," said Marc I. Stern, chief executive officer

"This will also benefit the holders of older TCW vintage funds, as we will be able to dedicate even more resources to those investments." TCW has been in the process of acquiring fixed income investment management firm Metropolitan West Asset Management.

The UST/TCW Senior Mortgage Securities Fund LP, which has approximately $500 million in assets under management, completed its initial closing on Sept. 30, 2009.