Bank stress, Brexit drive DoubleLine out of European credit

Fund manager warns ECB’s corporate bond buy-backs may produce “adverse outcome”

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DoubleLine follows UK out of Europe

DoubleLine Capital is steering clear of investments in European financials and European credit generally, due to concerns about the stability of the continent's banking system and the repercussions of the UK's exit from the European Union.

The European Central Bank's (ECB) purchases of corporate bonds as part of its quantitative easing (QE) programme was also a factor in DoubleLine's decision to exit its European holdings.

"We have avoided European financial institutions and will continue to do