Gundlach's DoubleLine pulls in record cash

DoubleLine Capital, the bond firm co-founded by Jeffrey Gundlach, attracted its biggest monthly subscriptions ever last month after beating peers in 2014. DoubleLine got $3 billion in January, the most collected since the Los Angeles-based company's mutual funds started in April 2010, the firm said on Monday in an e-mailed statement. Those deposits topped the previous record of $2.7 billion in February 2012. (More: Gundlach says 'sinister side' of cheap oil will dampen economic growth, markets) DoubleLine is among bond managers benefiting after Pacific Investment Management Co.'s investors pulled money in unprecedented amounts following co-founder Bill Gross's abrupt departure on Sept. 26. Mr. Gross's exit opened the way for smaller competitors to break Pimco's dominance, with Mr. Gundlach's firm picking up $7.4 billion of net new client money from September through year-end. Mr. Gundlach's DoubleLine Total Return Bond Fund led the way with $2.6 billion in net subscriptions last month, also a record. (More: Bond investors pessimistic as U.S. economic growth improves) The fund returned 6.7% last year, outperforming 91% of comparable funds, according to data compiled by Bloomberg. This year through Jan. 29, it returned 1.2%, beating 88% of peers. Mr. Gundlach's main fund has been near the top of the pack every calendar year. Clients pulled $102.9 billion in 2014 from the Pimco Total Return Fund, which was run by Mr. Gross until his exit, according to data from Chicago-based research firm Morningstar Inc. The $143.4 billion fund, Pimco's largest, has returned about 2.3% this year, beating 97% of peers.