World’s biggest bond fund manager Pimco has hired Ben Bernanke, the former chairman of the US Federal Reserve as a senior advisor to the company.
The Allianz-owned investment business has recruited Bernanke to assist with the group’s investment process and to ‘engage periodically’ with Pimco’s clients.
Daniel Ivascyn, group chief investment officer at Pimco, said: “During his recent participation in two of our quarterly economic forums 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.”
Pimco – aka the Pacific Investment Management Company – is an investment management firm, with 13 offices in 12 countries throughout North America, Europe and Asia.
The company was founded by veteran investor Bill Gross in 1971. Gross spectacularly quit the business in the autumn of 2014 to join smaller rival Janus Capital at the age of 70.
Securing the services of Bernanke is something of a bonus for the company which has been working to establish recognition for its new management team through a marketing campaign entitled ‘We are Pimco’ after the departure of its founder.
Douglas Hodge, chief executive officer of Pimco, said: “We are honored to have Bernanke serve as an advisor. His unrivalled experience in navigating the global economy through the Financial Crisis will provide PIMCO’s investment professionals with unique insights.”
Read more about Pimco and Bill Gross on our sister site Chief Investment Officer.