Bond manager Pimco lost one familiar face this year but is seeing another return.
The Newport-Beach, California-based firm, which manages just under $2 trillion for clients, said Tuesday it has re-hired Paul McCulley, who has held a variety of positions for Pimco but now will serve as managing director and chief economist.
Indeed, McCulley comes to Pimco during a difficult time for the firm.
Its flagship Total Return Fund—the world's largest bond mutual fund with $230 billion under management—has suffered some $55 billion in outflows over the past year, according to Morningstar. The fund has gained 1.92 percent year to date, which is underperforming the Barclays U.S. Aggregate Bond index, up 2.7 percent thus far.