Will Gundlach Recruit More TCW PMs?
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Thursday, September 13, 2012

Will Gundlach Recruit More TCW PMs?

Jeff Gundlach
DoubleLine Capital
With his sights set on equity funds, perhaps Jeff Gundlach is about to recruit more veterans of his former employer, TCW [profile].

On Tuesday Bloomberg reported that, according to the DoubleLine [profile] chief, he could hire U.S. stock mutual fund PMs teams within a few months. Now Jason Kephart of InvestmentNews wonders Gundlach will again hire TCW PMs, this time from the equity side, as it's not clear whether or not the equity PM teams are participating in the Carlyle Group-led buyout of TCW. That deal, slated to close in Q1 2013, will push TCW management and employees' collective stake in TCW from 17 percent to 40 percent.

TCW spokesman Peter Viles told INews that PMs "who oversee roughly 90% of TCW's actively managed assets have entered into long-term agreements to participate in the Carlyle transaction."

"We continue to have productive discussions with other key TCW employees," Viles said.

The trade pub notes that TCW's equity PMs manage about 10 percent of TCW's $130 billion in assets.

TCW currently offers nine U.S. equity mutual funds:

  • one-star, $8.4-million Concentrated Value, a large cap blend fund PMed by Tom McKissick and John Snider;

  • three-star, neutral-rated, $700.4-million Dividend Focused, a large cap value fund PMed by Diane Jaffee;

  • three-star, $30.4-million Growth, an all cap growth fund PMed by Craig Blum, Husam Nazer, Robert Park, Michael Reilly, Brendt Stallings and Anthony Valencia;

  • two-star, $99.4-million Growth Equities, a mid-cap growth fund PMed by Stallings;

  • three-star, $781.8-million Relative Value Large Cap, a large cap value fund PMed by Matthew Spahn and Jaffee;

  • five-star, $1.1-billion Select Equities, a large cap growth fund PMed by Blum;

  • three-star, $1.1-billion Small Cap Growth, PMed by Nazer;

  • $41.8-million SMID Cap Growth, a mid-cap growth fund PMed by Nazer; and

  • three-star, $134.8-million Value Opportunities, a mid-cap value fund PMed by Jaffee.

    INews points out that Growth, Relative Value Large Cap and Select Equities all continue to boast positive net inflows, despite the overall pummeling of equity funds of late.

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