Grail Advisors, a developer of actively-managed exchange-traded funds aimed at the financial advisor market, on Thursday said it has partnered with DoubleLine Capital LP to launch an emerging markets fixed-income ETF.

DoubleLine will serve as subadvisor for the fund. Grail, a San Francisco-based investment advisor, has filed registration for the fund to be called the Grail DoubleLine Emerging Markets Fixed Income ETF.

Started two years ago, Grail currently manages seven actively-managed ETFs--five equity and two fixed income. Last month, it filed registration for the Grail Western Asset Enhanced Liquidity ETF, with Western Asset Management Co. serving as subadvisor for the short-term fixed-income fund. That, combined with the DoubleLine fund, will expand Grail's roster to nine active ETFs.

William Thomas, Grail's CEO, said he wants to expand the company's offerings in the international global and domestic equity spaces.

DoubleLine, an investment management firm in Los Angeles, was formed in late 2009 by its CEO, Jeffrey Gundlach, and his long-time colleague Philip Barach, DoubleLine's president.

DoubleLine's three-member emerging markets fixed-income team have worked together for more than 12 years, according to a press release. In a separate conversation, Thomas praised DoubleLine's expertise in the areas of emerging markets and total return.

Before starting DoubleLine, Gundlach had a messy divorce from his former employer, TCW Group Inc., where he was chief investment officer. While there, he was Morningstar's 2006 fixed-income manager of the year as portfolio manager of the TCW Total Return Bond fund. His DoubleLine partner, Barach, was formerly the group managing director of TCW's mortgage-backed securities group.

Gundlach, who worked at TCW for 24 years, was fired late last year. Earlier this year, TCW filed a lawsuit against Gundlach and his new asset management team at DoubleLine. According to published reports, TCW accused them of stealing TCW property and committing fraud and a breach of fiduciary duty.

In February, Gundlach filed his own complaint against TCW, claiming up to $1.2 billion on grounds of breach of contract and related misconduct by TCW arising from his firing.