UPDATE 1-DoubleLine’s Philip Barach to retire in April -client letter

(Adds DoubleLine Total Return Bond Fund’s other managers)

NEW YORK, Dec 16 (Reuters) – DoubleLine Capital’s Philip Barach, a founding partner and co-portfolio manager of the firm’s flagship product, the DoubleLine Total Return Bond Fund , will retire April 30, 2020, according to a DoubleLine client letter.

The DoubleLine Total Return Bond Fund is DoubleLine Capital’s largest fund, with $55.1 billion in assets, invested in products such as mortgage-backed securities (MBS), collateralized loan obligations (CLOs) and asset-backed securities (ABS). The Total Return Bond Fund’s other managers are DoubleLine Chief Executive Officer Jeffrey Gundlach and Andrew Hsu, portfolio manager of structured products.

DoubleLine Capital manages $149 billion in total assets.

The announcement was in a letter from Gundlach celebrating the firm’s 10th anniversary. (Reporting by Megan Davies Editing by Chris Reese and Dan Grebler)