MEXICO CITY (CNNExpansión) – The president of the Federal Reserve, Ben Bernanke, has a new job: he will join PIMCO as a director, at a time when the firm seeks to maintain its strong performance following the departure of co-founder Bill Gross.
“We are honored to have Dr. Bernanke as director of PIMCO and benefit from his extraordinary knowledge and experience to add value to our customers,” said Douglas Hodge, CEO of the firm, in a statement.
This is the second work of Bernanke in business and finance. In mid-April, it was announced that the former official shall advise Citadel, an investment fund based in Chicago.
The decision to join PIMCO might be questioned by some opponents criticized the Fed for managing Bernanke for being too close to the firm. Critics suggest that this closeness could have given the company an advantage in the interpretation of the US monetary policy, according to Reuters.
In an extensive interview, Ben Bernanke said it would limit their roles in collaboration with Wall Street firms just two signatures.
Both PIMCO, which managed 1.59 trillion in assets as of March 31, as Bernanke declined to provide details on wage compensation, although they indicated that the central exbanquero quarterly attend all meetings of the executive.
Bernanke has said he does not know Bill Gross, who for decades refused to PIMCO was too close to the Fed.
Bernanke, who led the Fed for eight years, is a member of the Brookings Institution.
Before joining the Fed, Bernanke had served as president of the Council of Economic Advisers of the White House, and prior to that role he worked at Princeton University.
is also writing a book coming out in October, though the publisher responsible has not reported how much it will pay.
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