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Monday, June 21, 2010|
Is LA 'the Bond Capital of the United States?'
Southern California bond fund managers gained some love this morning from the Los Angeles Business Journal. Richard Clough highlights a number of fixed income managers in the area (noting that Pimco is far from being the only game in town). Beach Point Capital, Capital Group, Dimensional Fund Advisors (now based in Austin, but retaining significant SoCal operations), DoubleLine Capital, Oaktree, Post Advisory Group, TCW and Western Asset Management all gain some ink.
"It's been a stampede," Marilyn Cohen, author of the The Bond Bible and founder of Envision Capital Management. "We have never seen the continuation of such a flow into bonds."
So why are there so many fixed income managers in the Southland? Howard marks, chairman of Oaktree, points to Michael Milken's move in 1978 to shift Drexel Burnham Lambert's high-yield operations to LA.
"Mike Milken attracted some people here and some of the people who came out of Drexel went into that business," Marks told the paper, admitting that he's not sure that's the whole story. "Maybe it's chance. I don't know."
Printed from: MFWire.com/story.asp?s=32547
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