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Neel Kashkari, who joined Pacific Investment Management in December 2009 to help oversee an expansion into equities, said he’s leaving Bill Gross firm to consider returning to public service.

Kashkari was a senior adviser to former Treasury Secretary Henry Paulson before joining Pimco and serving as head of global equities.

Kashkari’s departure is a setback for Pimco, which has been seeking to reduce its dependence on the fixed-income market and adding equities in anticipation that the three-decade bond rally that fueled the firm’s growth may come to an end.