Pimco's Chief Economist Steps Down After Less Than a Year With The Fund Manager

Pimco said its chief economist, Paul McCulley, has stepped down after less than a year with the world largest bond fund. McCulley said he had joined Pimco to work with Pimco co-founder Bill Gross, but Gross was ousted from Pimco in September and is now with Janus Capital Group. "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," McCulley said in a statement. "My mission here is complete."