The passworddir option specifies the directory location in which to store an encrypted password file.
The default directory for AIX® is /etc/security/adsm and for other UNIX and Linux platforms it is /etc/adsm. Regardless of where it is stored, the password file created by Tivoli® Storage Manager is always named TSM.PWD.
This option is valid for all UNIX clients.
Place this option in the dsm.sys file within a server stanza.
passworddir "/Users/user1/Library/Preferences/Tivoli Storage Manager/"
passworddir /etc/security/tsm