It seems that Jeff Gundlach
isn't done with his poaching just yet. Instead of going away quietly, accepting his ouster from TCW
with subtle resignation and taking a place in the hallowed halls of fund managers gone by, in under a month Gundlach has started his own firm and plundered TCW's ranks. On Wednesday, be brought on board three more TCW alums.
To read the rest of the story of the fight between Gundlach and TCW, click here.
, a former lead portfolio manager and managing director of the emerging markets fixed income group, became the latest ex-TCW exec to be won over by Los Angeles-based DoubleLine on Wednesday. Padilla joins the likes of Ron Redell
and Philip Barach
who also parted ways with TCW in December.
I've worked with Luz for more than 15 years and watched as she served superbly through the currency, credit and political shocks of the last two decades, as well as through the rise of the BRIC economies, stated Gundlach, chief executive officer of DoubleLine. It's no small sign of her ability that Luz managed the TCW Emerging Markets Income Fund
(TGEIX) to a 5-star Morningstar ranking for three-year performance in the teeth of the global credit crisis of 2007-2008. Looking ahead, I would note that her proven approach to risk management dovetails with my own.
Padilla, who will oversee investment activities in emerging markets debt at DoubleLine, didn't come alone either. She arrives with Mark Christensen
and Su Fei Koo
, the most senior members of her previous investment team, in tow. Christensen and Koo, both senior research analysts at DoubleLine, will report to Padilla and run emerging markets research in sovereign and corporate credit.
Su Fei, Mark, and I are excited to be part of DoubleLine, both for its employee-owned accountability to our future clients and for the opportunity to be associated with the outstanding risk management talent Jeffrey has assembled under his leadership, stated Padilla. We look forward to advising our Emerging Markets-centric fixed income accounts as well as fulfilling an integral role in the Core Plus strategies of DoubleLine.
During her 15-year tenure at TCW, Padilla rose through the ranks from credit analyst to her most recent position as the head of the $1.5 billion-asset TCW Emerging Markets Fixed Income Group. Christensen is the former head of emerging market corporate research at TCW, having worked 18 years there, 16 of which were in emerging markets fixed income. Koo counted 11 years at TCW in the emerging markets fixed income group, most recently as a senior credit analyst.
Stay tuned for Gundlach's next move ...
Company Press Release
LOS ANGELES, Jan. 5 -- Luz Padilla, former Lead Portfolio Manager and Managing Director of the TCW Emerging Markets Fixed Income Group, has joined DoubleLine Capital LP, DoubleLine announced today. Mark Christensen and Su Fei Koo, the senior-most members of Ms. Padilla's previous investment team, also have joined DoubleLine.
Ms. Padilla heads investment activities in Emerging Markets Debt at DoubleLine. Mr. Christensen and Ms. Koo, who report to Ms. Padilla, lead Emerging Markets research in sovereign and corporate credit.
"I've worked with Luz for more than 15 years and watched as she served superbly through the currency, credit and political shocks of the last two decades, as well as through the rise of the BRIC economies," said Jeffrey Gundlach, Chief Executive Officer of DoubleLine. "It's no small sign of her abilities that Luz managed the TCW Emerging Markets Income Fund (TGEIX) to a 5-star Morningstar ranking for three-year performance in the teeth of the global credit crisis of 2007-2008. Looking ahead, I would note that her proven approach to risk management dovetails with my own. I'm delighted to welcome Luz and her team to DoubleLine."
Under Ms. Padilla, the TCW Emerging Markets Fixed Income Group managed $1.5 billion assets, invested in mutual fund, separate account and structured credit vehicles. As co-Portfolio Manager from December 2001 and then as Portfolio Manager from October 2006, Ms. Padilla ran the TCW Emerging Markets Income Fund (TGEIX). At the completion of her tenure at TCW, the fund was rated 4 Stars for overall performance and 5 Stars for three-year performance by Morningstar. The fund also has been selected by The Wall Street Journal as a Category King among world bond funds. Mr. Christensen and Ms. Koo were involved in all aspects of building and developing TCW's Emerging Markets Fixed Income business. Among others, they have been recognized in multiple years for excellence in credit analysis by /Asset Benchmark Research/.
"Su Fei, Mark and I are excited to be part of DoubleLine, both for its employee-owned accountability to our future clients and for the opportunity to be associated with the outstanding risk management talent Jeffrey has assembled under his leadership," Ms. Padilla said. "We look forward to advising our Emerging Markets-centric fixed income accounts as well as fulfilling an integral role in the Core Plus strategies of DoubleLine."
Before joining DoubleLine, Luz Padilla worked for 15 years at TCW, serving in roles of increasing responsibility involving Emerging Markets corporate and sovereign debt. She held successive positions as Credit Analyst, Director of Research and since December 2001 Portfolio Manager. Ms. Padilla attended the University of California at Berkeley as a Fellow of the Robert Toigo Foundation and graduated with an MBA in 1994. She received her Bachelor's of Arts in Economics in 1989 from Stanford University in Palo Alto, California.
Mark W. Christensen, a senior research analyst of DoubleLine, previously served for 18 years at TCW, the last 16 in Emerging Markets Fixed Income. Mr. Christensen was Head of Emerging Markets Corporate Research. In addition to credit analysis, he was involved in trading and marketing, with increasing portfolio management duties since December 2006. Mr. Christensen graduated from Brigham Young University with a Bachelor of Science in Business Management with an International Business Finance emphasis.
Su Fei Koo, a senior research analyst of DoubleLine, previously served for 11 years in TCW's Emerging Markets Fixed Income Group, her final position there as Senior Credit Analyst. Ms. Koo joined TCW in 1998, where she specialized in the analysis of corporate credits in utility, steel, conglomerates, technology, construction and property development industries. In addition to credit analysis, she was involved in marketing Emerging Markets Fixed Income strategies and performed increasing portfolio management duties since December 2006. Previously, Ms. Koo was an Assistant Treasurer at Societe Generale involved in Corporate Finance, focusing on entertainment, health care, real estate, retail and technology-related companies. Prior to that, she was an Assistant Vice President with Bank of America in the Financial Institution Group; there she was responsible for credit analysis of commercial banks and savings and loans. Ms. Koo holds a Bachelor of Science in Business Administration from the University of Houston and an MBA in Finance from the University of Southern California.
*About DoubleLine Capital LP
DoubleLine Capital LP is a fixed income investment management firm and Registered Investment Adviser under Investment Advisers Act of 1940. The firm is majority employee-owned with CEO Jeffrey Gundlach and President Philip Barach holding a combined controlling interest in the firm. DoubleLine's headquarters is in Los Angeles, CA. Its offices can be reached by telephone at (213) 633-8200 or by e-mail at firstname.lastname@example.org .
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