US investment firm DoubleLine, the bond specialists founded by star manager Jeff Gundlach, is moving into equities for the first time following its hire of two former TCW employees.
Brendt Stallings and Husam Nazer join as portfolio managers and partners in DoubleLine Equity LP, a newly created affiliate of DoubleLine.
Gundlach, formerly TCW CIO, managed the $12 billion TCW Total Return Bond fund at the Los Angeles-based asset managers. Following Gundlach's departure in 2010, he founded DoubleLine with a group of former TCW employees with a specialism in mortgage-backed securities.
'In my 24 years at TCW,' Gundlach said in a statement, 'I knew well the firm’s many equity groups and styles; Brendt and Husam stood out as the most talented and versatile of those investment teams.'
'I will continue to explore other complementary partnerships and acquisitions to diversify our business and serve our clients,' he added.
Stallings and Nazera are expected to hire at least five investment professionals to join the equity team this year. The move into equities comes at a time when bond yields hover at record lows forcing many investors into higher returning assets.
DoubleLine currently oversees around $53 billion in assets including mutual funds, separate accounts and hedge funds.