Jeffrey Gundlach is starting his New Year the way he ended 2012.
If you will recall, DoubleLine Capital, the company he founded, announced to the world in November that it reached $50 billion in assets under management. That came less than three years after the bond shop was started on December 14, 2009. The firm is currently sitting on $53 billion in assets.
In comparison, Gundlach's former employer, TCW Group, which fired him three years ago, is now managing $48 billion in mutual funds under the MetWest and TCW Fund families. A spokesman for DoubleLine noted it took TCW, which opened its doors in 1971, 25 years to get to the $50 billion mark.
So how did Gundlach celebrate his firm's third anniversary?
At a restaurant in the building that houses TCW, of course.
Gundlach was cited by New York magazine's "Daily Intel" website for throwing a lavish "independence day" bash for DoubleLine employees at Magnolia, a restaurant located literally steps from TCW's Los Angeles offices.
"The party was 'very clearly' designed to rub Gundlach's recent successes in TCW's face, our source said," wrote scribe Kevin Roose. "The interior of Magnolia is clearly visible as you exit TCW's office, and above the bar, Gundlach hung a banner that read "DoubleLine $50 Billion"-the amount of money his new firm has under management.
DoubleLine last week also unveiled a new equity unit to be headed by two portfolio managers hired from ... TCW. The two portfolio managers expect to hire at least five more investment professionals this year, according to a statement from the DoubleLine.
Perhaps they'll pick some free agents from their former employer, which has reportedly been hemorrhaging personnel in light of its acquisition by private equity shop Carlyle Group. For example, TCW Group last month reportedly dumped three research analysts on its large-cap value equity team, which has seen large net outflows from its institutional accounts because of underperformance.
And Michael Conn, managing director of corporate strategy; Michael Cahill, general counsel, and Erlend Bø, a managing director involved with marketing and distribution, are all reported by Reuters to be leaving TCW.
Happy New Year indeed, Jeffrey Gundlach.