Richard H. Clarida was named managing director and global economic adviser at Pacific Investment Management Co.
It represents a return to PIMCO for Mr. Clarida, who resigned as vice chairman of the Federal Reserve Board of Governors in January, two weeks before his term was due to end, amid questions about his trading activity in early 2020.
He will join PIMCO in October and replace Joachim Fels, who will retire from the manager at the end of the year after more than four decades as an economist, a news release said Wednesday.
Mr. Clarida served in a similar capacity at PIMCO from 2006 to 2018 as global strategic adviser.
"PIMCO has been extremely fortunate to have these two giants in the field of economics contribute to our global macroeconomic views for nearly two decades, helping the firm frame a rapidly changing world so we can make the best investment decisions for our clients," said Daniel J. Ivascyn, PIMCO's group chief investment officer, in the news release.
Questions regarding Mr. Clarida's trading activity arose in October when his 2020 financial disclosure showed he had traded between $1 million and $5 million out of a bond fund into stock funds one day before Fed Chairman Jerome H. Powell issued a statement flagging possible policy action as the pandemic worsened.
The Federal Reserve's inspector general said in July that Mr. Clarida's trading activity (and that of Chairman Jerome H. Powell in a separate investigation) had not broken any laws or rules, but the probe into the former heads of the Dallas and Boston regional Fed banks remained open.
Mr. Clarida is the current C. Lowell Harriss professor of economics and international affairs at Columbia University. He returned during the spring 2022 semester to teach at Columbia, where he had taught from 1988 until his departure for the Fed, according to Columbia's website.
As of June 30, PIMCO had $1.82 trillion in assets under management.
Bloomberg contributed to this story.
