(Bloomberg) -- Paul McCulley is leaving Pacific Investment Management Co. less than a year after rejoining the firm, a departure that further diminishes the influence of co-founder Bill Gross at the $1.68 trillion money manager.

McCulley is stepping down from his role as a managing director and the chief economist, a position he said he accepted last year to work side-by-side with Gross. His last day at the Newport Beach, California-based firm will be Feb. 28.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.