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Administration April 5, 2010
Former TCW Fund Manager Launches New Funds
April 5, 2010 (PLANSPONSOR.com) - DoubleLine Funds Trust will launch two open-end mutual funds on Tuesday April 6, 2010.
Reported by Rebecca Moore
The DoubleLine Total Return Bond Fund (I shares DBLTX; N shares DLTNX) and the DoubleLine Emerging Markets Fixed Income Fund (I shares DBLEX; N shares DLENX) will be managed by fixed income asset manager DoubleLine Capital LP, investment adviser to DoubleLine Funds, and the firm launched by the fired former CIO of Trust Company of the West. In accordance with the fund strategy, the portfolio managers intend to invest primarily in mortgage-backed securities (MBS), seeking to maximize total return in the MBS market, according to a press release.
Jeffrey Gundlach and Philip Barach are the portfolio managers of the DoubleLine Total Return Bond Fund. Luz Padilla is the Lead Portfolio Manager of the DoubleLine Emerging Markets Fixed Income Fund. All three were formerly with Trust Company of the West. Gundlach opened DoubleLine Capial LP in December after he was fired by Trust Company of the West (see Former TCW Fund Manager Registers New Funds).
In January, Trust Company of the West sued Gundlach, accusing him of stealing confidential data, lying to potential clients, and keeping drugs and pornographic materials in his office. TCW said in the lawsuit that Gundlach was fired for threatening to take actions that would have jeopardized the firm’s ability to manage clients’ fixed income assets (see TCW Sues Former CIO).