Pimco hires former Federal Reserve chairman as special adviser

US federal reserveGlobal asset manager Pimco has made a heavyweight hire with the announcement that former Federal Reserve chairman, Ben Bernanke, has been appointed as a special adviser to the firm. Pimco will be able to call on his economic expertise and experience to aid with the firm’s investment process and he will also sometimes meet clients. Bernanke was chairman of the Federal Reserve during the 2008 financial crisis and helped steer the US economy through it, gaining the nickname “Helicopter Ben” after saying that a helicopter money drop could be used to fight deflation. This is not Bernanke’s only advisory role; earlier this month he joined US hedge fund Citadel in a similar capacity. His appointment comes after Pimco lost “bond king” Bill Gross, then manager of the world’s biggest bond fund, to rival Janus Capital Group last year. Pimco’s chief executive officer, Douglas Hodge, says: “[Bernanke’s] unrivalled experience in navigating the global economy through the financial crisis will provide Pimco’s investment professionals with unique insights as we help our clients amidst a challenging and uncertain period for global markets in coming years.” Bernanke says he’s “delighted to work together with Pimco” and is hoping to contribute to the firm’s investment process. Pimco has $1.2 trillion (€1.1 trillion) in assets under management, as of January 13, 2015. ©2015 funds europe

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