DoubleLine to launch first stock mutual fund on April 1
NEW YORK, March 26
NEW YORK, March 26 (Reuters) - DoubleLine Capital LP, the investment firm run by star bond manager Jeffrey Gundlach, will open its first stock mutual fund to investors on April 1, the firm said on Tuesday.
Los Angeles-based DoubleLine, which manages more than $53 billion in mostly fixed income assets, will launch the DoubleLine Equities Small Cap Growth Fund under its newly formed DoubleLine Equity LP division.
The firm announced the formation of its stock division on Jan. 2, along with the hiring of former TCW Group Inc portfolio managers Husam Nazer and Brendt Stallings. It registered the DoubleLine Equities Small Cap Growth Fund with the Securities and Exchange Commission on Jan. 15.
Nazer, who together with Stallings oversaw as much as $5 billion in assets within TCW's Small and Mid-Cap Growth Equities Group, will manage the new fund. It will invest mainly in stocks of smaller U.S. companies.
DoubleLine will launch the fund's institutional share class under the ticker symbol DBESX, and its retail share class under the ticker symbol DLESX.
The firm plans to roll out its other registered open-end stock mutual funds, the DoubleLine Equities Growth Fund and the DoubleLine Equities Global Technology Fund, later this year.
Gundlach, DoubleLine's chief executive and chief investment officer, founded the firm in December 2009 after a split with TCW, where he was chief investment officer.
DoubleLine announced on March 22 that it had hired four stock analysts and a stock trader to expand DoubleLine Equity LP. Four of the new hires previously worked at TCW as members of Stallings' and Nazer's group.
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