Another one bites the dust at Pimco as Paul McCulley quits

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After the high profile departures of Mohamed El-Erian and "bond king" Bill Gross comes another big name stepping down. Paul McCulley, Pimco's managing director and chief economist, has announced his resignation. 

McCulley joined the world's largest bond buyer in May last year, four months after El-Erian, widely seen as founder Gross's right-hand man, stepped down. A few months later in September, Gross himself departed in a shock move, taking up a role at Janus Capital.

It was McCulley's second stint at Pimco – he retired from the fund manager as senior partner and member of the firm's investment committee in 2010, shortly after a failed attempt to win a nomination for governor of the US Federal Reserve.

But today, McCulley said his time at the company was up.

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
It's another blow to Pimco, which revealed in October that in the weeks after Gross's departure, it experienced record outflows of $23.5bn (£14.5bn) from its flagship fund. 
 
In January, it admitted that assets under management had fallen 16 per cent in the fourth quarter of 2014, from $1.47 trillion to $1.27 trillion. Although the $200bn drop was more than the entire assets at Janus. So that's something…