Raymond Kennedy, managing director and portfolio manager at PIMCO, stepped down in preparation for his retirement Aug. 30, according to an SEC filing. Mr. Kennedy managed the companys high-yield strategies as co-head of the global high-yield business. He has been replaced by Mark Hudoff, executive vice president, portfolio manager and co-head of global high-yield, according to the filing. PIMCO manages $26 billion in high-yield assets. Mr. Kennedy decided to retire effective Aug. 30 to teach high school, according to PIMCO spokesman Mark Porterfield.