TCW mutual fund chief bolts; another exec makes a U-turn

Ronald R. Redell left his post as president and CEO of the TCW Funds Inc. and TCW Strategic Income Fund Inc. to run the fixed-income mutual fund operation at DoubleLine LLC, according to a news release. DoubleLine is the firm launched last week by Jeffrey Gundlach, TCW's former chief investment officer. While more than 30 members of Mr. Gundlach's mortgage-backed securities investment team at TCW have left the firm to join DoubleLine since TCW terminated Mr. Gundlach Dec. 4, Mr. Redell is the first executive from the broader TCW organization to follow suit. According to information on TCW's website, Mr. Redell also served as the director of the company's products and services group, overseeing client service initiatives. TCW spokeswoman Erin Freeman said: “We fully expected some resignations as a result of our announcement, and we're making every effort to retain key individuals.” Amid the wave of departures in recent weeks from TCW, one executive -- Claude Erb, a managing director who joined DoubleLine earlier this month -- has elected to return to TCW, confirmed Ms. Freeman. She offered no further details, and Mr. Erb wasn't immediately available for comment. DoubleLine spokesman Tony Knight declined to comment. Douglas Appell is a reporter for Pensions & Investments, an InvestmentNews sister publication