PIMCO Chief Economist Paul McCulley Steps Down

(RTTNews) - Pacific Investment Management Co., LLC, commonly called PIMCO, said Friday that Paul McCulley has stepped down from his role as Managing Director and Chief Economist, less than a year after rejoining the global investment management firm.

McCulley's last day at the Newport Beach, California-based firm, an autonomous subsidiary of German insurer Allianz SE, will be February 28.

McCulley said, "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."

Prior to rejoining PIMCO in May 2014, McCulley was chair of the Global Society of Fellows at the Global Interdependence Center. Previously at PIMCO, he was a generalist portfolio manager and head of the short-term bond desk. He also led PIMCO's cyclical economic forums and authored the monthly research publication, Global Central Bank Focus. Earlier in his career, he was chief economist for the Americas at UBS Warburg. During 1996-1998, he was named to six seats on the Institutional Investor All-America fixed income research team.

McCulley coined the terms Minsky moment and Shadow banking system which became famous during the financial crisis of 2007-2009.