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Barron’s tells us that Bond Pope Jeffrey Gundlach inspires “intense loyalty” among his 255 underlings, an assertion that as far as we can see is backed up by facts beyond even the “now-very-valuable equity stakes” in his DoubleLine Capital that many of them hold. Still, loyalty and valuable equity stakes notwithstanding, it has now been 10 years since Gundlach walked out on TCW (although he forgot a number of things in his office) and opened DoubleLine and, much as we love the guy, 10 years working with Gundlach and his kaleidoscopic universe of endearing-but-also-potentially-kind-of-grating eccentricities and enthusiasms sounds like a lot. And so it has been for at least a handful of folks, including two founding partners.

Until recently, DoubleLine’s roster of staff has been remarkably stable…. Lucido and Galligan were two of the firm’s key early partners. Lucido left the firm at the end of last year, according to DoubleLine. Galligan, a portfolio manager, departed early this year, according to one person with knowledge of the matter….In recent months, DoubleLine’s corporate credit group also saw a raft of departures. Kapil Singh, a DoubleLine portfolio manager, joined credit shop Ares Management last September. This year, Ares hired two DoubleLine credit analysts, Spencer Chang and Andrew Chen, according to their LinkedIn pages.

The unusual turnover comes amidst an unusual period of underperformance for this most unusual bond manager and his firm.

The uncharacteristic level of turnover came as DoubleLine’s run of stellar performance hit a rough patch. Over the past three years, the $53 billion DoubleLine Total Return Bond fund has generated an annual 2.98% for institutional investors, beating the benchmark Bloomberg Barclays US Aggregate Bond index by 0.2%, according to Morningstar data. Over the past 12 months, DoubleLine’s flagship fund has returned 6.4%, compared with 7.8% for the Bloomberg index, Morningstar data show.

Jeffrey Gundlach’s DoubleLine Sees Spate of Departures [Barron’s]



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Want To Earn $100,000 The Hard Way, You Dirty Little Bitch? Give Jeffrey Gundlach A Call

As you may have heard, at some point last week, bond manager Jeffrey Gundlach was robbed. Thieves took $10 million worth of stuff from the Doubleline founder's Santa Monica pad, including a couple of paintings, a few watches, some high-priced wine, a 2010 Porsche Carrera 4S, and whatever cash was lying around. While it's unclear if the burglars made away with Gundlach's collection of priceless pornographic films and sexual apparatus; if he was targeted specifically because the thieves knew they could get their hands on the original copy of Dr. Fellatio 16; or if they were tipped off by JG's regular pizza delivery guy, cable repairman, or pool boy, what is clear that Gundlach is pissed, pissed like a man who is no longer in possession of Ass Traffic Volume 2: The Director's Cut.  And that's where you come in. Mr Gundlach has reportedly offered a $100,000 reward for the return of his property. $1,000 is also being offered for information leading to the arrest and conviction of those who carried out the raid, according to Santa Monica police. And to the burglars, if you're reading this, Gundlach will see your asses in court (the real kind, unless you want to settle this in Bondage Nookie Court in which case, get in touch with this lawyer). Multimillionaire financier victim of $10-million heist [LA Times] Thieves snatch $10million haul of fine art, jewellery and a Porsche from home of wealthy banker dubbed the 'Bond God' [DM] Related (...?): Jeffrey Gundlach NOT Set Up By TCW, Big Fan Of “Dr. Fellatio” Series


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Jeffrey Gundlach Had A Little Party Last Night

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: