A $91-billion manager that specializes in investing in distressed debt is poised to enter the retail mutual fund business.
Yesterday Los Angeles-based Oaktree Capital Group filed
to create two mutual funds, the Oaktree High Yield Bond Fund
and the Oaktree Emerging Markets Equity Fund
, with institutional and advisor shares for each [see the N-1A
Miles Weiss at Bloomberg reported
on the news. Bloomberg
reports that, as of June 30 of this year, Oaktree worked with about $91 billion, about six percent of which is on behalf of high net worth investors and family offices, and seven percent of which is money Oaktree sub-advises for mutual fund shops, including Vanguard
Fundsters may recognize Oaktree as the firm that took a minority stake
in Jeff Gundlach's
then-freshly-launched bond fund shop DoubleLine
] almost five years ago.
Neil Anderson, Managing Editor
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