PIMCO Retains Bernanke as Senior Advisor
Pacific Investment Management Co. (PIMCO) has hired former Federal Reserve Chairman Ben Bernanke as a senior adviser. Suffering from record redemptions, PIMCO is looking to retain assets and provide its clients with the ultimate insight – view’s from a former Fed top dog. In the past, PIMCO relied on its founder Bill Gross for expertise on bonds and the Federal Reserve. Gross left PIMCO for Janus Capital in September 2014.
Bernanke will assist PIMCO on guidance on investment process and Federal Reserve policy. Bernanke will also at times meet with PIMCO clients. To be fair, former Fed Chair Alan Greenspan joined PIMCO as a consultant after his tenure at the central bank.
In a Bloomberg telephone interview, Group Chief Investment Officer Daniel Ivascyn said, “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.”
In a statement, Bernanke commented, “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 advisor to the firm.”
Earlier in April, Bernanke joined the Chicago-based hedge fund Citadel (managed by hedge fund billionaire Ken Griffin) as a senior advisor.
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