Pacific Investment Management Co. (PIMCO) has hired former U.S. Federal Reserve Chairman Ben Bernanke as senior advisor, the asset management giant said Wednesday.
The Newport Beach, Ca.-based firm announced that Bernanke will contribute to the firm’s investment process, and will periodically engage with its clients.
Two weeks ago, Bernanke also took an advisory position with hedge fund firm, Citadel.
“We are honored to have Dr. Bernanke serve as an advisor to PIMCO, and look forward to benefiting from his extraordinary knowledge and expertise to help us add value for our clients,” said Douglas Hodge, CEO of PIMCO. “His unrivaled experience in navigating the global economy through the financial crisis will provide PIMCO’s investment professionals with unique insights as we help our clients amidst a challenging and uncertain period for global markets in coming years.”
Daniel Ivascyn, PIMCO’s group chief investment officer noted that Bernanke recently participated in a couple of its quarterly economic forums, providing his views on global macroeconomic issues and monetary policy. “We are confident that our ongoing relationship with him will further enhance our robust investment process,” he said.
In addition to his new positions at PIMCO and Citadel, since leaving the Fed in January 2014, Bernanke has served as Distinguished Fellow in Residence with the think tank, the Brookings Institution.