February 20, 2015 (Newport Beach, CA): PIMCO, a leading global investment management firm, announced today that Paul McCulley has stepped down from his role as Managing Director and Chief Economist, which he assumed in May 2014.
Commenting on Mr. McCulley’s departure, Daniel Ivascyn PIMCO’s Group Chief Investment Officer said: “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. We understand and respect Paul’s decision to step down. He is a great friend of our firm and our people, and we wish him great happiness going forward.” Mr. McCulley's last day at the firm will be February 28.
Said Mr. McCulley: “I accepted this position, as I said at the time, to work side-by-side with Bill Gross, as economic counselor, doing the three things that I love: think, write and speak macro. My mission here is complete. I will continue doing the things I love in other spaces, possibly in the academic arena. PIMCO will always be Camelot in my heart.”