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The Pacific Investment Management Co., the investment management firm also known as Pimco, reports that Ben Bernanke, former chairman of the Federal Reserve, will serve as a senior advisor to the firm.
It’s the second reported consulting arrangement in recent days for the man who led the Fed through the Great Recession. Bernanke also signed on in April at Citadel, a large hedge fund. Both the hedge fund and the investment management firm are expected to make use of his expertise and insights.
At Pimco, for example, he also will add value by “periodically engaging” with the firm’s clients, according to a statement. “His 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 CEO Douglas Hodge says in the statement.
Bernanke also is a distinguished fellow in residence with the economic studies program at the Brookings Institution, where he blogs on economics, finance and monetary policy. In the Pimco statement, he pronounces himself “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.”
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