left his post as the head of TCW's
mutual fund business
and joined DoubleLine LLC
, the new firm formed last week by TCW's ousted chief
investment officer Jeff Gundlach
To read the rest of the story of the fight between Gundlach and TCW, click here.
It was not immediately clear how Redell's former duties at TCW are being handled.
"We fully expected some resignations," TCW spokeswoman Erin Freeman was
by The Wall Street Journal
as saying. "We are making every effort to retain staff," she said.
At DoubleLine, Redell will lead the launch of the Los Angeles firm's line of mutual
funds. The press release issued
by DoubleLine late Friday did not give a target timeframe for the launch.
Los Angeles-based DoubleLine is still in the process of registering with the SEC
as an investment adviser.
More than 40 ex-TCW portfolio managers, analysts, traders and trading assistance
have joined Gundlach in his new venture, which is backed by OakTree Capital Management.
Gundlach is the largest shareholder; he and fellow TCW alum Philip Barach, DoubleLine's president,
have a combined controlling interest.
Redell spent nine years at TCW. Under his watch, mutual fund assets grew from
$1 billion to nearly $16 billion. Prior to joining TCW in 2000, he worked as
vice president of marketing at RS Investment Management, where he led retail
mutual fund sales and marketing through intermediaries. Before that, he was
a financial consultant with Wells Fargo Securities.
Armie Margaret Lee
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