Investment banking firm Lazard Ltd. has hired the former head of the International Monetary Fund, Rodrigo De Rato, as senior managing director of investment banking.

Rato, 58, was managing director of the International Monetary Fund from June 2004 until October 31. Prior to the IMF, he was vice president for economic affairs and minister of economy for the government of Spain, a post to which he was appointed in 1996. During that time he also was Governor for Spain, and served on the Boards of Governors of the IMF, the World Bank, the Intra-American Development Bank, the European Investment Bank, and the European Bank for Reconstruction and Development.

At Lazard, he will be based in Madrid and London. “Mr. Rato brings an abundance of economic knowledge and relationships in both the private and public sectors due to his rich history of high profile finance positions,” said Bruce Wasserstein, chairman and CEO of Lazard. “He will serve as a knowledgeable advisor to our clients, and will play an important strategic role for Lazard on a global level.”

“Lazard has an outstanding reputation as a trusted, independent advisor known for intellectual rigor, creativity and integrity – qualities that I value deeply and endorse,” said Rato. “I am delighted to be joining Lazard, and look forward to working with the firm’s global network of exceptional bankers.”