In the latest addition to the DoubleLine investment roster, former The TCW Group executive Ronald Redell joined the likes of nearly 40 other employees from the firm Friday, and signed with Jeffrey Gundlach’s new firm.
Redell, former president and CEO of the TCW funds and the TCW strategic income fund, will join the firm as its new mutual fund business president, a Dec. 18 press release said.
“Ron Redell was instrumental in growing the brand of TCW mutual funds,” Gundlach said. “…I know that Ron’s experience and professionalism will ensure that DoubleLine’s future suite of products is successfully launched, distributed and administered in the years ahead.”
Previously, on Dec. 14, Gundlach announced the formation of his fixed-income investment management firm. Additionally, the DoubleLine CEO stated in the release that Philip Barach, former group managing director of the TCW MBS group, would serve as the firm’s president.
A Look Back
Gundlach, the former high-yield fixed-income CIO and former head portfolio manager for Los Angeles-based TCW, was terminated from his lead post Dec. 4 because of threats he made to leave his position, Erin Freeman, TCW spokesperson, told IMW Dec. 7.
She said the firing came as a result of his threats to “leave TCW and take key employees with him.” She added that the apparent risk left TCW “no choice” because it “would have interrupted [TCW’s] ability to manage clients high-grade fixed-income assets.”
In an email today, Freeman confirmed that “nearly 40 people have departed TCW” but that it wasn’t a surprise.
“We fully expected some resignations, which is precisely why nearly 30 MetWest investment professionals became employees of TCW on Dec. 4,and assumed investment responsibility for TCW's high-grade fixed-income assets,” Freeman said in the Dec. 21 email. “We believe we have in MetWest, a team of people who will work with the existing fixed-income team to effectively create stability and continuity.”
Moving Forward
Separately, Los Angeles-based DoubleLine announced last week that it has started the process of registering with the U.S. Securities and Exchange Commission (SEC) as an investment adviser and is currently pending application approval.
Prior to joining TCW in 2000, Redell was a VP of marketing for RS Investment Management as well as a financial consultant with Wells Fargo Securities, the release said.
“I could not be more excited about the opportunity to help build DoubleLine into a premier provider of risk management and investment services to our clients,” Redell said in his statement regarding the new appointment.
