Paul McCulley was hired as an executive vice president in the...

Paul McCulley was hired as an executive vice president in the fixed-income division of Pacific Investment Management, a new position. Mr. McCulley intitially will focus on managing about $20 million in short-term securities, although he may eventually become part of the management team for PIMCO mutual funds, said Mark Porterfield, a spokesman for the company. Mr. McCulley was most recently a managing director and head of economic research and U.S. fixed-income strategy at Warburg Dillon Read, which did not return calls by press time regarding Mr. McCulley’s replacement. Mr. McCulley worked for Pacific Investment Management as an account manager and monetary policy specialist earlier in his career.