DoubleLine hires TCW emerging markets team

DoubleLine Capital, the new asset manager being set up by former TCW chief investment officer Jeffrey Gundlach, has announced that it has hired the senior staff from TCW’s emerging markets business. Luz Padilla, who headed that business, is joining DoubleLine along with her most senior research analysts Mark Christensen and Su Fei Koo. Padilla, who will head up DoubleLine’s emerging markets debt business, worked for TCW for 15 years. Since 2006, she headed TCW’s emerging markets business which comprised some $1.5 billion of assets under management through mutual funds, separate accounts and CBOs.

Christensen and Koo will lead DoubleLine’s emerging markets sovereign and corporate credit research functions, according to the announcement, reporting to Padilla.

Meanwhile, TCW has announced that, in the light of the departures from the firm, it is pulling out of the US government's Public-Private Investment Program, and will liquidate the PPIP fund it has raised, the $500 million UST/TCW Senior Mortgage Securities Fund.