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Wednesday, December 16, 2009

TCW's Loss is Pimco's Gain

by: Armie Margaret Lee

Pimco 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, Reuters reported.

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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