DoubleLine hires Pimco exec as Gundlach seeks expansion

DoubleLine Capital hired Pacific Investment Management Co.'s Ignacio Sosa as director for a newly created product solutions group

Apr 21, 2014 @ 2:26 pm

DoubleLine Capital hired Pacific Investment Management Co.'s Ignacio Sosa as director for a newly created product solutions group as chief executive Jeffrey Gundlach looks to expand outside the U.S.

Mr. Sosa, who worked at Pimco as executive vice president for global bond product management until last week, will join DoubleLine on May 12, reporting to Mr. Gundlach, the firm said in a statement Monday.

The unit will develop investment products and new business lines, especially outside the U.S., according to the statement. Mr. Gundlach has built DoubleLine into a $49 billion investment firm in just over four years after he was dismissed from TCW Group Inc. Asset growth has reversed in the past year as investors steer away from fixed income.

(More: Fidelity, DoubleLine take different emerging-markets bond approach but have something in common)

“Startups of equity boutiques happen all the time, but for decades, fixed-income assets have remained largely concentrated among a few investment firms because launches of new bond managers are rare events,” Mr. Sosa said in the release. “DoubleLine has proven the happy exception since its founding.”

The DoubleLine Total Return Bond Fund Gundlach runs has grown to $31.8 billion since inception in April 2010. It's advanced 2.6% this year to beat 94% of its peers, according to data compiled by Bloomberg.

Mr. Sosa joined Pimco in 2011 as lead emerging-markets product manager. Prior to that, he was a managing director at Voras Capital Management. He left Pimco, the manager of the world's biggest bond fund, as it struggles to stanch redemptions.

(Bloomberg News)

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

INTV

Advisers beware: tax law has unintended consequences

Commission accounts could be preferable for some clients, and advisers could be incentivized to move from employee broker-dealers to independent channels.

Recommended Video

Path to growth

Latest news & opinion

Lightyear Capital takes 50% stake in $9 billion HPM Partners

Private equity backing could fuel acquisitions by the large RIA.

Tax reform: 7 essential strategies for financial advisers

While advisers face the difficult task of analyzing the law's impact, they will also have a significant opportunity to prove their value by implementing money-saving strategies for clients as well as their own businesses.

Tax law: Everything advisers need to know about the pass-through provision

The provision is tricky, but could provide advisers and business-owner clients with sizable tax savings.

Bill requiring fiduciary disclosure reintroduced in New Jersey

Measures would obligate financial advisers to tell clients they do not have to act in their best interests.

Merrill Lynch to let advisers text with clients

Texting has been a popular mode of communication for years, but in the past the firm's regulations have prevented advisers from using it.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print