Tue, 15/12/2009 - 10:46
DoubleLine, an advisory firm recently formed by Jeffrey Gundlach and Philip Barach, has established a strategic relationship with Oaktree Capital Management whereby Oaktree will help DoubleLine establish its own operational infrastructure.
In addition, Oaktree will receive a minority equity position in DoubleLine.
The investment team supporting Gundlach, former chief investment officer of The TCW Group, and Barach, former group managing director of the TCW Mortgage-Backed Securities Group, includes more than 30 former members of their previous team at TCW. DoubleLine expects this number to grow.
"Our agreement with Oaktree, one of the world's leading investment advisory firms, will provide DoubleLine with invaluable administrative support and resources while my seasoned team focuses on bringing our proven investment and risk management services to our valued clients," Gundlach says. "Looking beyond the start-up phase of our firm, I also envision rich possibilities of shared product offerings by blending our team's core fixed income and mortgage-backed capabilities with Oaktree's widely recognised franchise in the active management of fixed income and alternative investments."
Howard Marks (pictured), chairman of Oaktree, adds: "I've known Jeffrey and Phil for over 20 years and supervised them at TCW during a difficult investment period in 1994. Given our long history, a shared philosophy that emphasises the importance of risk control, and the extraordinary performance record that they built at TCW, we were happy to agree to help them establish their new business. I'm confident that Oaktree's association with DoubleLine will help bring exceptional management to DoubleLine's clients, while benefiting Oaktree's clients through enhanced market insight and possible joint product offerings."
DoubleLine has started the process of registering with the Securities and Exchange Commission as an investment adviser. Pending application approval, DoubleLine will conduct its business within the limits established by the Investment Advisers Act of 1940.
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