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Wednesday, May 23, 2018

Allies Before Acquisitions

Reported by Neil Anderson, Managing Editor

When it comes to strategic growth efforts, Jeffrey Gundlach and his DoubleLine Capital [profile] team prefer to start with alliances, not acquisitions. Yet that doesn't mean M&A is off the table for the Los Angeles-based asset manager.

"Our strategic partnerships have been a great way to build the firm out," Ron Redell, president of DoubleLine Funds and executive vice president of global relationship management, tells MFWire. For example, he notes that subadvisory business is now the second largest piece of the DoubleLine pie (first is its proprietary mutual funds).

"Instead of looking for acquisitions, we continue to look for strategic partnerships where it makes sense," Redell adds. "The best way to know if you have good alignment is to partner first before you look at doing anything else."

DoubleLine has no current M&A projects, Redell says, though the DoubleLine team is "always willing to listen" to acquisition opportunities. Indeed, he also predicts continued asset management industry consolidation in light of active asset managers' recent woes and the continued rise of passive. 

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