PIMCO chief economist Paul McCulley is leaving the firm.
McCulley joined the firm to work with Bill Gross, who left the firm in September 2014, according to a release from the company.
This is the second time McCulley has left the firm.
Here's the full announcement from PIMCO:
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."
News of McCulley's departure comes after PIMCO announced on February 10 that Joachim Fels, formerly chief economist at Morgan Stanley, would join the firm as global economic advisor.
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