Ben Bernanke, former Federal Reserve chairmanFormer
US Federal Reserve Chairman Ben Bernanke is joining PIMCO as a senior advisor
to the firm, just weeks after taking a similar job at hedge fund Citadel.
Bernanke will contribute economic expertise and insights to PIMCO’s investment process, the Newport Beach, California-based firm said, and also periodically work with its clients.
“We are honored to have Dr. Bernanke serve as an advisor to PIMCO, and look forward to benefitting from his extraordinary knowledge and expertise to help us add value for our clients,” said Douglas Hodge, PIMCO’s CEO.
Hodge also said Bernanke’s “unrivalled experience in navigating the global economy through the financial crisis” would help guide the bond giant through “challenging and uncertain” global markets going forward.
PIMCO’s Group CIO Daniel Ivascyn added Bernanke would provide “significant insight” about global macroeconomic issues and monetary policy for the firm.
This is the second advisory position for the former Fed chief since handing the reins to Janet Yellen last year.
Bernanke signed on to consult for Citadel, offering analyses of global economic and financial issues as well as meeting with the $25 billion hedge fund’s investors.
“This is it,” Bernanke told Reuters. “There won’t be anymore. [PIMCO and Citadel] prefer not having me consult too many firms and I personally think working with two firms will be plenty.”
Bernanke is also a distinguished fellow in residence at the Brookings Institution.
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