DoubleLine hires Pimco exec for new bond product team

NEW YORK, April 21 Mon Apr 21, 2014 9:00am EDT

NEW YORK, April 21 (Reuters) - DoubleLine Capital, the bond management firm run by Jeffrey Gundlach, on Monday said it had hired an executive from rival Pimco to run a new unit focused on developing new investment products and new lines of business, particularly outside the United States.

Ignacio Sosa, previously executive vice president for global bond product management at Pimco, was named director of DoubleLine's newly formed Product Solutions Group, DoubleLine said in a statement. He starts on May 12.

Sosa's departure comes in the wake of a management shakeup and months of investor outflows at Newport Beach, California-based Pimco. Earlier this year, Mohamed El-Erian, long seen as heir apparent to Pimco co-founder Bill Gross, stunned the fixed income investor community by announcing his departure.

Sosa, an experienced emerging markets investor, had joined Pimco in 2011. Pimco, or Pacific Investment Management Co, is a unit of European financial services company Allianz SE , and had $1.91 trillion in assets as of Dec. 31, according to the firm's website.

Los Angeles-based DoubleLine has $49 billion in assets under management. (Reporting by Jennifer Ablan; Editing by Chizu Nomiyama)

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