DoubleLine Capital has launched a separate division
for managing stock portfolios, the company said on Wednesday.
The firm run by star bond investor Jefferey Gundlach,
has launched DoubleLine Equity LP for the management of stocks.
In a statement DoubleLine said that its new rock
management division will be run by former TCW Group portfolio managers Brendt
Stallings and Husam Nazer.
Gundlach, the chief executive of DoubleLine told
Reuters in an interview that stock mutual fund strategies were not innovative
and had a paucity of ideas.
"We think the equity business is ripe for
creative thinking," he said.
The newly started division will start off with one or
two mutual funds that would offer investors a strategy focussing on U.S.
stocks. Next it would offer a hedge fund that would focus on best ideas in
international stock investing, Gundlach said in the interview.
"We're really not prepared to do a lot of
individual stock selection outside of the United States," he said.
DoubleLine Capital manages bond assets worth $53
billion.
In September Gundlach had hinted that the firm would
be moving into stock management saying that equities were a good hedge against
inflation.
On Wednesday he said that some of the stock funds he
planned to offer would have a strategy focussed on specific sectors and small
and mid-cap stocks, while others would have a broader investment strategy.
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