DoubleLine Capital has more than doubled its assets under management over the past year and will enter its fourth year in operation with more than $50 billion in assets.
The Los Angeles-based money manager, which runs hedge funds, mutual funds and separately-managed accounts, recently crested the "major milestone," it said last week. The firm, founded in December 2009 by former TCW Group chief investment officer Jeffrey Gundlach, managed $19 billion a year ago.
Gundlach thanked DoubleLine's "many valued investors" for their "tremendous support."
DoubleLine's phenomenal growth comes in spite of an ugly legal battle with TCW that marred the firm's first two years. TCW fired Gundlach in 2009, accusing him and others at DoubleLine of conspiring to steal its trade secrets and clients. For good measure, it added that a search of Gundlach's offices following his termination uncovered "hardcore" pornography and drug paraphernalia. Gundlach, who set up DoubleLine just 10 days after his firing with backing from his fellow TCW veterans at Oaktree Capital Management, shot back with a lawsuit, for unpaid wages of his own, which he won following the six-week trial.
But a jury also found that Gundlach has misappropriated TCW's trade secrets, although it declined to award the firm any damages. The two sides reached a confidential settlement late last year.