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Rating:Hodge Hires an Ex-Fed Chairman Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, April 29, 2015

Hodge Hires an Ex-Fed Chairman

Reported by Neil Anderson, Managing Editor

The former chief of the U.S. central bank, which sets interest rates, is teaming up with one of the world's largest fixed income asset managers.

Ben S. Bernanke
The Brookings Institution
Distinguished Fellow In Residence, Economic Studies
Today Doug Hodge, CEO of Pimco [profile], confirmed that former Federal Reserve chairman Ben Bernanke is joining up as a senior advisor to the Allianz subsidiary. The move comes three months after former White House advisor Gene Sperling joined Pimco as a consultant "on U.S. economic policy issues," two months after chief economist Paul McCulley made his third departure from Pimco, and seven months after Pimco co-founder and star PM Bill Gross left the firm.

Bernanke isn't the first ex-Fed chair to team up with Pimco. Kirsten Grind of the Wall Street Journal notes that Alan Greenspan, Bernanke's predecessor atop the Fed, advised Pimco from 2007 to 2011.

And this isn't Bernanke's only new gig advising a prominent asset manager. Earlier this month hedge fund shop Citadel revealed that Bernanke was joining, in a position that has the same title as his new one at Pimco. (A spokeswoman for the Brookings Institution confirms to Bloomberg that Bernanke will also continue to be a full-time distinguished fellow in residence at the Washington-based think tank.)

Dan Ivascyn, group chief investment officer at Pimco, confirms that Bernanke has already participated in two of Pimco's "quarterly economic forums."

In addition to Bloomberg and the WSJ, a host of other publications have jumped on the Bernanke-Pimco move. They include: Barron's, DealBreaker, the Financial Times, Fortune, Investor's Business Daily, the LA Times, the New York Times, the Orange County Business Journal, and the Washington Post

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