DoubleLine Capital has more than doubled its assets under
management over the past year and will enter its fourth year in operation with
more than $50 billion in assets. The L.A.-based money manager, which runs hedge funds,
mutual funds and separately-managed accounts, recently crested the "major
milestone," it said last week. The firm, founded in December 2009 by
former TCW Group chief investment officer Jeffrey Gundlach, managed $19 billion
a year ago.
DoubleLine's phenomenal growth comes in spite of an ugly
legal battle with TCW that marred the firm's first two years. TCW fired
Gundlach in 2009, accusing him and others at DoubleLine of conspiring to steal
its trade secrets and clients. For good measure, it added that a search of
Gundlach's offices following his termination uncovered "hardcore"
pornography and drug paraphernalia. Gundlach, who set up DoubleLine just 10
days after his firing with backing from his fellow TCW veterans at Oaktree
Capital Management, shot back with a lawsuit, for unpaid wages of his own,
which he won following the six-week trial.....
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