CI Financial partners with Jeffrey Gundlach’s DoubleLine Capital to launch new fixed-income lineup
TORONTO (February 6, 2020) – CI Financial Corp. (“CI”) (TSX: CIX) today announced a sub-advisory relationship with DoubleLine Capital LP (“DoubleLine”), a globally renowned fixed-income asset manager. Through this agreement, DoubleLine will manage new mandates to be offered by CI and to be included within CI’s lineup of fixed-income mutual funds and exchange-traded funds.
“Under Jeffrey Gundlach’s leadership, DoubleLine has become one of the world’s most influential and successful asset managers, and we are thrilled to partner with them to offer new income strategies to the Canadian market,” said CI Chief Executive Officer Kurt MacAlpine.
“Canadian investors have a growing need for high-quality income solutions as increasing numbers prepare for and begin retirement or seek a higher level of protection against potential market volatility. Jeffrey Gundlach and DoubleLine have established a global reputation as outstanding income investors due to their consistent exceptional performance over time, and their expertise and mandates will further enhance CI’s extensive income lineup.”
“We are very excited to partner with an industry-leading firm like CI,” said Mr. Gundlach, DoubleLine’s Chief Executive Officer and Chief Investment Officer. “Their commitment to serving the large segment of Canadian investors seeking to preserve and grow their wealth aligns seamlessly with our investment philosophy at DoubleLine.”
Mr. Gundlach’s success in fixed-income investing over several decades has earned him the media nickname “The Bond King.” He founded Los Angeles-based DoubleLine in 2009. Just 10 years later, the firm manages over US$150 billion in assets. Mr. Gundlach’s accolades include being inducted into the FIASI Fixed Income Hall of Fame in 2017, named to Bloomberg Markets Magazine’s “50 Most Influential” in 2012, 2015 and 2016, and named Institutional Investor’s “Money Manager of the Year” in 2013, among others.
DoubleLine has been recognized as: Chief Investment Officer Magazine’s “Asset Management and Servicing Winner, Fixed Income – Core Plus Fixed Income” in 20181; Risk Magazine’s “Institutional Investor of the Year” for Shiller Enhanced CAPE® in 20162; and Institutional Investor’s “U.S. Fixed Income – Mortgage Backed Securities” award in 2013, 2014 and 20163.
CI announced a new strategic direction in November 2019 with a focus on three corporate priorities − modernizing its asset management business, expanding its wealth management platform and globalizing the firm. “This new relationship is the latest step in delivering on CI’s strategic priorities of modernizing our asset management business and expanding our wealth management platform,” Mr. MacAlpine said. “CI is currently a leader in fixed income in Canada, managing over C$40 billion in this asset class. Our partnership with DoubleLine will strengthen this position and deliver globally leading expertise to our clients that was unavailable before this partnership.”
Income strategies currently offered by DoubleLine in the U.S. market include:
- The firm’s flagship Total Return Bond Fund, which seeks to maximize total return by focusing on structured products and exploiting inefficiencies within the subsectors of the mortgage-backed securities and asset-backed securities markets and other structured products.
- DoubleLine’s Core Plus Fixed Income Fund™, which offers active asset allocation across fixed-income sectors.
- DoubleLine’s Income Fund™, which prioritizes a high level of current income and capital appreciation from debt securities and other income-producing investments worldwide.
About DoubleLine Capital
DoubleLine is an independent, employee-owned money management firm with over US$150 billion in combined assets under management invested across a wide array of investment strategies. The firm’s experienced team of portfolio managers have worked together an average of 16 years.
About CI Financial
CI Financial Corp. (TSX: CIX) is an independent Canadian company offering global asset management and wealth management advisory services. CI held approximately C$182 billion in fee-earning assets as of December 31, 2019. Its primary operating businesses are CI Investments Inc., Assante Wealth Management (Canada) Ltd., CI Private Counsel LP, GSFM Pty Ltd., WealthBar Financial Services Inc., and BBS Securities Inc. Further information is available at www.cifinancial.com.
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1. Chief Investment Officer Magazine, Asset Management and Servicing Winner – Fixed Income/Credit – CIO Magazine seeks nominations through its website from other CIOs. The staff researches the nominee by, among other things, reaching out to “asset owners in the community.” The magazine chose a list of finalists and then chose a winner based on recommendations from the CIOs.
2. Risk Magazine Institutional Investor of the Year – Banks and other service providers are encouraged to nominate investors that have made significant gains through their use of structured derivatives, who can demonstrate best practices in risk management using innovative structures, or who have executed an innovative trade.
3. Institutional investor U.S. Fixed Income – Mortgage Backed Securities award winners are chosen by the editorial staff of Institutional Investor magazine based on their market intelligence, performance data and additional information received from the industry following a public call for nominations.
DoubleLine’s Total Return Bond Fund, Core Plus Fixed Income Fund and Income Fund are registered trademarks of DoubleLine Capital LP. The DoubleLine Funds are offered only to United States residents.
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