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Rating:Will Gundlach Ease Up On DoubleLine's Throttle? Not Rated 1.0 Email Routing List Email & Route  Print Print
Wednesday, August 09, 2017

Will Gundlach Ease Up On DoubleLine's Throttle?

News summary by MFWire's editors

Jeffrey Gundlach is thinking about slowing DoubleLine's [profile] growth, and that time may not be too far off.

"I've actually been turning money away in our institutional business," Gundlach tells Bloomberg's Erik Schatzker. "I don't want to manage $500 billion. I don't really want to manage $200 billion."

"To get to $300 billion, I think you need a thousand people," Gundlach adds. "You need offices in Beijing and Mumbai and London, because you really have to go big on sovereign wealth funds and a lot of wholesalers in the retail industry. And it just becomes a very big company, and I don't want that."

In the less than eight years since Gundlach created DoubleLine, the Los Angeles-based asset manager has grown to about $110 billion in AUM, more than 200 employees, and just two locations (the Los Angeles HQ and an office in Tokyo). Gundlach says he might shut off DoubleLine's marketing at $150 billion in AUM (a 36-percent AUM increase from today), Bloomberg writes, and he doesn't want his $54-billion flagship fund (the DoubleLine Total Return Bond Fund) to get to $100 billion. As far back as 2013 Gundlach was publicly pondering soft-closing that flagship fund.

Meanwhile, Gundlach continues to focus on diversifying DoubleLine's business across different strategies.

"I don't want one $150 billion fund, I want 10 $15 billion funds. A diversified business," Gundlach tells the publication. "We lose business because our fees are too high and I say, 'Fine, that's a way of regulating growth.'" 

Edited by: Neil Anderson, Managing Editor

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