DoubleLine Fund Sees Record $3.5 Billion Outflow in December

Investors pulled a record $3.5 billion in December from Jeffrey Gundlach’s DoubleLine Total Return Bond Fund, according to Bloomberg estimates, and its annual performance trailed the benchmark index for the first time. The $55.7 billion fund, which invests predominately in mortgage-backed securities, returned 2.2 percent in 2016, compared with 2.7 percent for the Bloomberg Barclays U.S. Aggregate index.

Trump’s Triumph Spells Better Times for Swiss Wealth Managers

Since the financial crisis, companies such as UBS Group AG and Julius Baer Group Ltd. have seen margins shrink amid record-low interest rates and a crackdown by the U.S. on banking secrecy. As the new government fuels expectations for higher interest rates, Switzerland’s banks stand to benefit because they still hold a large proportion of clients’ assets in dollars, said Martin Moeller, head of equity-portfolio management at Union Bancaire Privee in Geneva.