By Sam Forgione
NEW YORK Nov 14 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
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
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."