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Jeffrey Gundlach: A TCW Bond Star Is Booted

Is the high number of recent departures from TCW (TSI) a sign that it's time for investors to bail out of its bond funds? Following the Los Angeles-based asset manager's Dec. 4 announcement that Chief Investment Officer Jeffrey Gundlach had been "relieved of his duties," the remaining members of his team have resigned, according to Bloomberg. Since his ouster—said to be due to internal power struggles—Gundlach has said he's considering starting his own firm, a prospect likely to intrigue investors: Over the past 10 years that Gundlach has managed the TCW Total Return Bond Fund (TGLMX), he's bested Bill Gross's Pimco Total Return Fund by almost 4 percentage points. The TCW fund's assets have swelled to nearly $12 billion, thanks to Gund-lach's navigation of the mortgage securities market at the height of the credit crisis. Eric Jacobson, Morningstar's (MORN) head of fixed income research, says "there's no immediate need to go anywhere." TCW, he notes, has brought in a group of managers from Metropolitan West Asset Management who can, for now, "credibly and ably manage the money."

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