UPDATE 1-High-profile bond firm DoubleLine has $50 bln in assets

Wed Nov 14, 2012 3:11pm EST

By Sam Forgione

NEW YORK Nov 14 (Reuters) - DoubleLine Capital LP, the bond firm run by prominent investor Jeffrey Gundlach, now oversees more than $50 billion in assets, the company said on Wednesday.

DoubleLine Capital, founded less than three years ago in December 2009, has been one of the fastest-growing bond firms this year amid generally high demand for bond funds compared with stock funds.

The firm's flagship, DoubleLine Total Return Bond Fund , has attracted the most new money from investors this year among all open-end mutual funds, according to Morningstar. The firm as a whole ranks fourth behind Vanguard, PIMCO, and JP Morgan for attracting the most inflows.

Overall, U.S.-based bond mutual funds have pulled in an estimated $238.27 billion in net new cash through September of this year versus outflows of $82.97 billion from U.S.-based stock mutual funds, according to the Investment Company Institute.

The flagship fund, run by chief executive officer and chief investment officer Gundlach, oversees $35.7 billion in assets and has bested 78 percent of intermediate investment-grade bond funds with a return of 8.71 percent this year, according to Morningstar.

Gundlach, regarded in the financial industry as the new king of the fixed income world, started DoubleLine after being fired from asset management firm TCW Group Inc in Dec. 2009, where he was chief investment officer.

On Sept. 11, Gundlach said in a company webcast that he was considering adding stock funds to his firm's lineup rather than another group of bond funds.

Gundlach was not immediately available for comment.

In the company's news release, Gundlach said: "DoubleLine has reached a major milestone in exceeding $50 billion in AUM."

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