has emerged as a beneficiary of the fallout stemming from Jeff Gundlach's
ouster from TCW
. Pimco has been luring away assets from the Los Angeles-based asset manager,
To read the rest of the story of the fight between Gundlach and TCW, click here.
On December 4, TCW announced that it was buying Metropolitan
West Asset Management
and firing chief investment officer Jeff Gundlach
Since then, TCW's Total Return Bond Fund
has witnessed $3.5 billion in redemptions. Pimco, meanwhile, has lured "significant funds away from TCW," Reuters reported, citing anonymous sources. The sources suggested that those are "already in the billions."
Some employees in Gundlach's TCW team have also departed the company. On Monday, Gundlach unveiled his new company, DoubleLine LLC, which is backed by Oaktree Capital Management.
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