Wednesday, 6 May 2015
Last updated 2 hours ago
Jul 20 2011 | 1:12pm ET
Former TWC Group chief investment officer Jeffrey Gundlach may be facing a civil trial against his former employer this month, but that's not affecting his investors.
Gundlach's 10-month old hedge fund at his new firm, DoubleLine Capital, has returned 28% since its debut in September. The fund, which has bet heavily against mortgage-backed securities, is up 16% in the first half of this year.
"People are so used to the housing market being lousy, they're not even noticing how bad it is anymore," Gundlach told investors on a July 12 conference call, Bloomberg News reports.
DoubleLine's $566 million hedge fund isn't the only one of its funds doing well. The firm's flagship Total Return Bond Fund is up 13% over the past 12 months.
Gundlach founded Los Angeles-based DoubeLine after being ousted from TCW in 2009. TCW has accused Gundlach and DoubleLine of breach of contract and fiduciary duty, unfair competition and conspiracy. The firm also claims that, after it fired Gundlach, it found marijuana, drug paraphernalia and a variety of “hardcore” pornography and “sexual devices” in his office. Gundlach has since countersued. The trial is set to begin later this month.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…