Asset management giant PIMCO has hired former Federal Reserve chairman Ben Bernanke as a senior adviser, the California-based group has announced.
Bernanke, who stepped down from the Fed in 2014, will add his economic insights to the firm’s investment process.
In his new capacity, Bernanke, who recently launched an economics blog, will also engage with clients on behalf of the company.
Bernanke met with PIMCO’s investment team in December 2014, notably Citywire AAA-rated manager and group chief investment officer Dan Ivascyn, to help inform the company’s 2015 outlook.
Commenting on the appointment, Ivascyn said: ‘During his recent participation in two of our quarterly economic forums Dr. Bernanke provided significant insights about global macroeconomic issues and monetary policy, and we are confident that our ongoing relationship with him will further enhance our robust investment process.’
This marks Bernanke’s second advisory role since stepping down from the Fed as he assumed a similar role at US-based hedge fund Citadel earlier in the month.
In addition, his new capacity echoes fellow former Federal Reserve chairman Alan Greenspan who also adopted an advisory role with PIMCO in 2007 following his departure.