Pacific Investment Management Co. has tapped Nobel laureate Richard Thaler to serve as a senior adviser on matters relating to retirement and behavioral economics.
Mr. Thaler, a professor of behavioral science and economics at the University of Chicago Booth School of Business, will enhance the firm's commitment to better understand human behavior and how it impacts decision-making, PIMCO said Thursday in a news release.
The firm plans to use Mr. Thaler's knowledge to help create investment products that will help clients while accumulating and then spending down retirement assets.
"Dr. Thaler's insights will help enhance our ability to make the best possible decisions for our portfolios, our clients and our employees worldwide," PIMCO CEO Emmanuel Roman said in the news release.
Mr. Thaler, winner of the Nobel Prize in economic sciences in 2017, is also a co-founder and partner at Fuller & Thaler Asset Management, which uses behavioral finance to manage portfolios of small-cap U.S. equities.
Mr. Thaler's appointment is PIMCO's latest overture in behavioral economics. The firm recently announced a long-term partnership with the Center for Decision Research at the University of Chicago Booth School of Business to support behavioral science research from the field's foremost experts.