DoubleLine Capital, the bond management firm run by Jeffrey Gundlach, said on Monday it had hired an executive from rival Pimco to run a new unit focused on developing new investment products and lines of business, particularly outside the United States. DoubleLine named Ignacio Sosa, previously Pimco’s executive vice president for global bond product management, director of its newly formed Product Solutions Group. He starts on May 12 and will report to Gundlach. Sosa’s departure comes after a management shakeup and months of investor outflows at Newport Beach, California-based Pimco. [Reuters, related]
December 7, 1941. November 22, 1963. December 4, 2009. All dates of such historical and cultural significance that if you asked someone where they were that day, they’d surely be able to tell you. Because they weren’t just any old days; they were moments when everything changed. The bombing of Pearl Harbor; the assassination of JFK; and, perhaps most importantly, the firing of Jeffrey Gundlach from the TWC Group, which had taken issue with his decision to start his own firm, and choose to express that anger by first escorting him out of the building and second raiding his offices, where they found an amount of adult films and sexual devices that suggested Gundlach was operating an online wholesale sex shop distributor and keeping the inventory at work. TCW also sued its former employee and at the time, rather than roll over and take it which is something he would never do, Gundlach vowed to fight back and clear up the misconception that TCW was the victim in the situation. On the contrary, JG told people, the real victim was US taxpayers who were “promised” Gundlach’s services and had to settled for a subpar bond manager when his relationship with the firm was terminated. Gundlach ultimately emerged victorious* and perhaps even more satisfying to The Pope was the number of TCW employees and clients who followed him en masse to his new company, the aptly named DoubleLine Capital. We’re not sure how you celebrated last night’s hugely significant anniversary, but we do know how Gundlach did: Read more »
There is no denying that Jeffrey Gundlach is a hugely talented man whose IQ would rank among the highest in the world if he ever had it tested. “What’s it like having lunch with a genius,” he once asked a colleague, who presumably answered, “To be honest, it’s giving me an inferiority complex just breathing the same air as you, knowing that your brain is the standard for how intelligence will be measured from now until the end of eternity.” Until recently, however, the application of Gundlach’s brilliance was largely confined to bond management. According to a new profile by Bloomberg Markets, though, Gundlach’s intellectual prowess is just as if not more impressive when it comes to crime solving. Read more »
Just a week after putting out an AMBER alert that several of his beloved pieces of art had gone missing during a heist on his home and a mere four days after an emotional press conference pleading with the public to help him find them, bond manager Jeffrey Gundlach’s most prized possessions, after his Sexy Slave KitTM, have been recovered. Read more »
4:00-4:05 Either people who have never taken part in a conference call are participating today and pressing buttons on their phone every five seconds or someone is thrusting someone else up against their office phone over and over and over again.
4:06 Gundlach is offering $1 million for information leading to the return of each stolen piece of the Mondrian and $500,000 for the Jasper Johns and Joseph Cornell pieces. $200,00 for information in general still stands.
4:07 Buttons are still being pressed, now sirens in the background. Shouts of “what the fuck is going on here” are heard.
4:08 Talking Heads’ “This Must Be The Place” is now playing (over the sirens).
4:10 Someone is still tapping their pound key and while no one officially ends the call, Gundlach/whoever is running this seem to have lost interest and leave without saying good-bye. Read more »