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Group Subscription. DoubleLine, helmed by bond king and celebrity CEO Jeffrey Gundlach , has leased the entirety of the second floor — just under 23, square feet — in Heights Union, according to sources who asked not to be named because of the sensitivity of the deal.
The DoubleLine lease comes as Heights Union is on the verge of being sold in a deal that sources say will set a record on a price-per-square-foot basis for office properties in Tampa. Pfizer had temporarily leased the second floor during the construction of its permanent space. DoubleLine manages several types of investment vehicles, including mutual funds, private funds and exchange-traded funds.
The Sunshine State is seeing an influx of new residents from regulation-heavy states like California and New York in the wake of Covid Tampa, in particular, is attracting unprecedented attention from executives like Gundlach, who are drawn by Gov.
They packed lunches, and one employee shared an email with money-saving tips. Mark Christensen on the emerging markets team even created an internal spreadsheet to track AUM, to figure out where they'd eventually break even.
It was more of an anxiousness, especially with the lawsuit overhanging everybody," said Christensen. While everyone had their unique situation, from putting their kids through school or taking care of their parents, they knew they had to pull together.
You need me to do something? What do we have to do to be successful? That gave us the culture. Even to this day, the firm looks for that "roll up your sleeves and do the work" attitude, he said. And those are the people who we are working with.
To motivate the team, Gundlach would give pep talks during status meetings in the conference room known as "Warhol," named after the artist. If we can raise 2, we can raise 4. If we can raise 4, we can raise 8. We can raise 8; we can raise 16, and so on. While Gundlach maintains he never doubted the firm would be successful, it wasn't clear to everyone that the firm would survive the litigation.
If Gundlach were stressed, he never showed it, Hsu added. In trader speak, it's a direction for a broker to complete a buy or sell order in full, so a shop can't just cherry-pick specific securities and leave others out. In September, the DoubleLine team gathered in the Warhol conference room to watch a video feed of the jury delivering a mixed verdict in the pair of lawsuits.
Subsequently, both sides entered settlement negotiations. They were finalized that December, and to this day, remain confidential. What became clear, though, is that DoubleLine would live to fight another day. At that event, Gundlach gave another speech where he told a story of that he thought his tombstone would say, "Always had a bid," an appropriate phrase for a trader. Now he said it would say, "Forty-five people jumped off the diving board into the swimming pool, not knowing if there's water.
I'll never forget that. Enduring the lawsuit, and the negative headlines and stress that came with it, ultimately brought the DoubleLine team closer together. I don't want to focus on that — what it really did is it pulled all of us together.
As DoubleLine has grown from the original 45 to more than employees, the culture has remained intact as they've passed on the firm's philosophy. We probably weight the personality fit maybe more than others. It's good. The bad part is it's an excruciating process to hire people, but the good part is if you do it right, you maintain the culture," said Cohen, noting they spend a lot of time and a lot of people are involved in the process, especially when thinking about the cultural fit.
While DoubleLine has grown its headcount, it's also expanded its lines of business and distribution channels. The interplay between the original people coming over and then the commitment of the firm to bring in talent to support our growth on top of that I think is really important," said Townzen. Those who join the firm learn that DoubleLine embraces a philosophy of intellectual honesty and shared success. Gundlach said that one of the "most destructive" characteristics of many investment firms is they have siloed units that tend to compete with each other.
DoubleLine hosts monthly fixed-income asset allocation meetings where the team leads — and pretty much anyone who wants to attend, discuss opportunities to put capital to work. And no one is compensated by the amount of assets their team accumulates. Instead, it's based on the firm's performance, helping to foster a sense of intellectual honesty, Gundlach explained. Gundlach, who is viewed internally as someone who empowers his employees, summed up his philosophy with a catchphrase: "No responsibility without authority, no authority without responsibility.
It means that if something goes wrong, he takes the blame — and he professed that he doesn't raise his voice to employees. I believe that if something goes right, I'm more than happy to share the credit with everybody," said Gundlach. So that, I think people feel good that they're not being kind of kicked like a dog when things go wrong," he added. Fortunately, it's been pretty smooth sailing at DoubleLine during its first decade.
And as the firm looks to DoubleLine's next decade, the expanded team hopes to continue to make their leader proud. Follow her on Twitter.
Read the latest financial and business news from Yahoo Finance. Gundlach: U. Bond king Jeffrey Gundlach explains his principles for success. Looking for the next 'big thing'?
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