Ben Bernanke, former chairman of the Federal Reserve, is to become a senior advisor to Pimco, the investment management firm owned by Allianz.
The firm said he would contribute his economic expertise and insights to the firm's investment process, "periodically engaging Pimco's clients."
Douglas Hodge, Pimco's CEO, said Bernanke's "unrivalled experience in navigating the global economy through the financial crisis will provide Pimco's investment professionals with unique insights."
Bernanke took part in two of Pimco's recent quarterly economic forums and "provided significant insights about global macroeconomic issues and monetary policy," commented Daniel Ivascyn, the firm's group chief investment officer.
Two weeks ago Bernanke took on a senior adviser's role at the Chicago-based hedge fund, Citadel.
Pimco previously engaged Bernanke's predecessor at the Fed, Alan Greenspan, as an adviser between 2007 and 2011. Bill Gross, Pimco's then co-chief CIO, told Bloomberg in 2008 that several months before the financial crisis, Greenspan's ``brilliance in terms of forecasting the potential for exactly what happened…made and saved billions of dollars for Pimco.''
Pimco had $1.59trn of assets under management on 31 March 2015.