A $91-billion manager that specializes in investing in distressed debt is poised to enter the retail mutual fund business.

Yesterday Los Angeles-based Oaktree Capital Group filed to create two mutual funds, the Oaktree High Yield Bond Fund and the Oaktree Emerging Markets Equity Fund, with institutional and advisor shares for each [see the N-1A].

Miles Weiss at Bloomberg reported on the news. Bloomberg reports that, as of June 30 of this year, Oaktree worked with about $91 billion, about six percent of which is on behalf of high net worth investors and family offices, and seven percent of which is money Oaktree sub-advises for mutual fund shops, including Vanguard.

Fundsters may recognize Oaktree as the firm that took a minority stake in Jeff Gundlach's then-freshly-launched bond fund shop DoubleLine [profile] almost five years ago. 

Edited by: Neil Anderson, Managing Editor


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