Pimco hires Paul McCulley as chief economist
Mr. McCulley will be a member of PIMCO's Investment Committee. As Chief Economist, his responsibilities will include chairing the Investment Committee several times monthly to lead discussion on global macroeconomic issues and central bank policy, writing and publishing commentary, and speaking with PIMCO's clients around the world. He will not manage client portfolios or serve as a portfolio manager.
Over the past three years, Mr. McCulley has been chair of the Global Society of Fellows at the Global Interdependence Center, where he published two path-breaking papers on monetary and central bank policy.
Mr. McCulley first joined PIMCO in 1990 as an account manager. He left two years later to become Chief Economist for the Americas for UBS. He returned to the firm in 1999 as a portfolio manager, and became the head of the firm's Short-Term desk and a member of the Investment Committee, and also led PIMCO's Cyclical Forum.
A prolific author of thought leadership, economic and market commentary, Mr. McCulley coined the term "Shadow Banking System" and developed the concept of a "Minsky Moment".
Mr. McCulley will spend up to 100 days per year working in PIMCO offices around the world, and he will also continue to dedicate a portion of his time to activities outside of the firm, including leading the Morgan le Fay Dreams Foundation, as well as academic activities.
Prior to joining PIMCO in 1999, Mr. McCulley was Chief Economist for the Americas for UBS, and also Head of Fixed Income Strategy. While there, he was recognized for his work by being named to six seats on Institutional Investor Magazine's All America Fixed Income Research Team, in three different specialties.
Mr. McCulley wrote a widely read weekly research publication, Strategic Economic Perspectives, and visited with clients around the world, with extensive interaction with central banks in the emerging world, especially the Middle East and Asia, as well as Latin America. ■