Pimco has appointed former chairman of the Federal Reserve, Dr Ben Bernanke, as senior advisor to the firm.

“We are honoured to have Dr Bernanke serve as an advisor to Pimco and look forward to benefitting from his extraordinary knowledge and expertise to help us add value for our clients," said Douglas Hodge, PIMCO’s CEO.

"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.”

Bernanke will contribute his economic expertise and insights to the firm’s investment process and periodically engage Pimco’s clients.

“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,” said Bernanke.

“During his recent participation in two of our quarterly economic forums Dr Bernanke provided significant insights about global macroeconomic issues and monetary policy, and we are confident that our ongoing relationship with him will further enhance our robust investment process,” said Daniel Ivascyn, Pimco’s Group chief investment officer.