Nordea in fund launch with US bond star Gundlach
The Nordic group has hired the 'other Bill Gross' for a total return bond fund launch.
by Emily Blewett on Sep 18, 2012 at 10:16
Nordea asset management will launch a total return bond fund next week managed by Jeffrey Gundlach, Citywire Global has learned.
Gundlach, who will manage the Ucits fund from his base in Los Angeles, is founder and CIO at the US investment firm DoubleLine which had $30 billion assets under management as of March this year.
Formerly head of the $12 billion TCW Total Return Bond fund, Gundlach has been compared to Pimco's Bill Gross in the past by various press titles.
Gundlach currently manages the DoubleLine Total Return Bond fund which can invest in agency and non-agency mortgage-backed securities. This strategy is set to replicated in a Ucits structure through the tie-up with Nordea.
'The only difference in the fund's strategy from the current DoubleLine strategy is that won't have subprime as part of the portfolio due to regulatory as well as commercial reasons,' Paul Malpas, head of distribution told Citywire on Tuesday.
The Nordea Total Return bond fund will be launched 25. September 2012.
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