Oaktree Capital Management has teamed up with Jeffrey Gundlach, the recently ousted CIO of TCW Group, to form DoubleLine, an investment advisory based in Los Angeles. The strategic relationship reunites three TCW alumni; joining Gundlach is Philip Barach, the former group managing director of TCW mortgage-backed securities group.

Also, Howard Marks, chairman of Oaktree, supervised both Gundlach and Barach at TCW back in 1994. In addition to the two DoubleLine founders, the new firm includes more than 30 members of their former TCW team, a number that is expected to grow.