Former Federal Reserve Chairman Ben Bernanke will join the bond giant Pimco as a consultant, the firm announced Wednesday.
It is the second consulting role with a major financial firm the former top central banker announced this month. Bernanke, who left the Fed in January 2014, said earlier in April that he would work with the hedge fund Citadel.
The firm announced that Bernanke will serve as a “senior adviser,” contributing expertise to its investment process and engaging with clients.
PIMCO CEO Douglas Hodge said in a statement that 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.”
Pimco, headquartered in Newport Beach, Calif., is one of the biggest bond investors in the world.
Since leaving the Fed, Bernanke has worked as a scholar at the Brookings Institution in Washington. He also is writing a book on his time in office, set to be published in the fall.
Bernanke said on joining Citadel that he wanted to work with a firm that was not regulated by the Fed.
While Pimco is not regulated by Bernanke’s former agency, it is a major player in the markets for U.S. Treasury securities, which in turn are affected by the Fed’s monetary policy actions.
Past Fed officials have gone on to consult for financial firms. Bernanke’s predecessor, Alan Greenspan, also consulted for PIMCO.
“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,” Bernanke said in a statement provided by the company.
