Paul McCulley has rejoined Pacific Investment Management Co., this time as chief economist, said company spokesman Mark Porterfield.
The position is new and comes as PIMCO has suffered continuing outflows in its flagship Total Return Bond fund. PIMCO also suffered a major loss with the January departure of Mohamed A. El-Erian, former CEO and co-chief investment officer.
Mr. McCulley will be speaking with PIMCO’s clients around the world, according to a news release. He will not manage client portfolios or serve as a portfolio manager as he did when he oversaw the PIMCO Short Term Fund and the PIMCO Money Fund, which invest in short-term bonds.He left PIMCO in 2010 to be chairman of the Global Society of Fellows at the Global Interdependence Center, a think tank on economic policy. He also worked at PIMCO from 1990 to 1992.
Mr. McCulley will chair PIMCO’s investment committee meetings. The committee was reshuffled and new members were added following Mr. El-Erian’s departure. Before then, investment decisions were heavily controlled by PIMCO founder and CIO William Gross and Mr. El-Erian.