Private equity firm Carlyle Group LP is close to clinching a deal with Societe Generale for the takeover of the French bank's Los Angeles-based asset management arm TCW, three people familiar with the matter said on Thursday.

A deal, which would also involve TCW's management, could be announced as early as Thursday, the people said.

TCW's management and employees are set to increase their ownership of the asset manager to a substantial minority position, one of the sources added.

Societe Generale and Carlyle declined to comment.