More than 40 former TCW team members have joined Mr. Gundlach's new firm, DoubleLine said.
TCW fired Mr. Gundlach on Dec. 4 and simultaneously announced the acquisition of rival fund firm Metropolitan West Asset Management LLC.
"We fully expected some resignations," which is why some MetWest managers immediately assumed investment responsibility for TCW high-grade bond assets, TCW spokeswoman Erin Freeman said in a statement. "We are making every effort to retain staff," she said.
DoubleLine plans to offer core bond and mortgage-backed securities products, and aims to serve large institutional as well as retail investors. The firm has secured backing from Los Angeles-based Oaktree Capital Management, which specializes in bonds and alternative investments.On December 23 DoubleLine LLC, a fixed income investment manager, announced that the Securities and Exchange Commission has approved the firm's application for registration under the Investment Advisers Act.
Formed earlier this month by Chief Executive Officer Jeffrey Gundlach and President Philip Barach, DoubleLine is already actively managing client portfolios. The staff at DoubleLine includes more than 40 portfolio managers, traders, analysts and trading assistants, a number DoubleLine expects to grow as the firm develops its suite of investment strategies focused on Core, Mortgage-Backed, Investment Grade Corporate, Emerging Markets and other fixed income products and strategies.
"The principals of DoubleLine are gratified to have received approval of our registration application under the Investment Advisers Act," Mr. Gundlach said. "The approval has occurred on a timeline that will allow us to continue to welcome, without interruption, those many clients with whom we have developed relationships of great personal trust and confidence over the years. Our team looks forward to the successful launch of DoubleLine funds early in the New Year."
About DoubleLine LLC
DoubleLine LLC is an investment management firm formed recently by CEO Jeffrey Gundlach and President Philip Barach. The company is privately held, with Mr. Gundlach its largest shareholder, and Mssrs. Gundlach and Barach holding a combined controlling interest. DoubleLine's headquarters is in Los Angeles, CA. Its offices can be reached by telephone at (213) 223-2346 or by e-mail at email@example.com.