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Monday, December 21, 2009

TCW's Mutual Fund Chief Departs

News summary by MFWire's editors

Ron Redell 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 quoted 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. 

Edited by: Armie Margaret Lee

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