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 as chief executive Jeffrey Gundlach looks to expand outside the U.S.
MAY 08, 2014
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)

Latest News

SEC charges Chicago-based investment adviser with overbilling clients more than $2.5M in fees
SEC charges Chicago-based investment adviser with overbilling clients more than $2.5M in fees

Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.

Apella Wealth comes to Washington with Independence Wealth Advisors
Apella Wealth comes to Washington with Independence Wealth Advisors

The Harford, Connecticut-based RIA is expanding into a new market in the mid-Atlantic region while crossing another billion-dollar milestone.

Citi's Sieg sees rich clients pivoting from US to UK
Citi's Sieg sees rich clients pivoting from US to UK

The Wall Street giant's global wealth head says affluent clients are shifting away from America amid growing fallout from President Donald Trump's hardline politics.

US employment report reactions: Overall better than expected, but concerns with underlying data
US employment report reactions: Overall better than expected, but concerns with underlying data

Chief economists, advisors, and chief investment officers share their reactions to the June US employment report.

Creative Planning's Peter Mallouk slams 'offensive' congressional stock trading
Creative Planning's Peter Mallouk slams 'offensive' congressional stock trading

"This shouldn’t be hard to ban, but neither party will do it. So offensive to the people they serve," RIA titan Peter Mallouk said in a post that referenced Nancy Pelosi's reported stock gains.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.