Former Federal Reserve Chairman Ben S. Bernanke is joining PIMCO as a senior adviser, his second consulting agreement with a top money manager in as many weeks.
Mr. Bernanke will contribute his economic expertise to the firm's investment process, the firm said Wednesday. Mr. Bernanke previously spoke at Pacific Investment Management Co.'s client conference in March and advised on the last two of its quarterly economic forums that guide investment strategy.
“We think our clients expect this of us — we've had a long history of attracting top-notch talent and contributors,” Group Chief Investment Officer Daniel Ivascyn said in a telephone interview. “Obviously, his experience within central banking is important at the moment, given where we may be in terms of the U.S. economic cycle, but we're looking for and excited about his ability to make broad-based contributions to our strategy.”
At PIMCO, which suffered record redemptions following the departure last year of co-founder William H. Gross, Mr. Bernanke will also engage with clients. He earlier this month joined Citadel, the hedge fund run by Kenneth Griffin, to advise on monetary policy, financial markets and the global economy.
The money managers are turning to the former Fed chairman as they try to navigate the end of more than six years of near-zero interest rates and unconventional monetary policies that Mr. Bernanke oversaw before he left last year.
“I am delighted to work together with PIMCO's strong team of investment professionals and contribute to its investment process in my role as an adviser to the firm,” Mr. Bernanke said in the statement.
