Paul McCulley plans to step down from his role as PIMCO’s managing director and chief economist, which he assumed in May 2014.
“Paul returned to PIMCO last May after being recruited by Bill Gross, with whom he had a close friendship and association for more than 20 years,” says Daniel Ivascyn, PIMCO’s group chief investment officer. “We understand and respect Paul’s decision to step down.”
McCulley’s last day at the firm will be Feb. 28.
“I accepted this position, as I said at the time, to work side by side with Bill Gross, as economic counsellor, doing the three things that I love: think, write and speak macro,” he says. “My mission here is complete. I will continue doing the things I love in other spaces, possibly in the academic arena.”
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