Pimco, the world’s largest bond manager, has appointed former British Prime Minister Gordon Brown as an adviser.
Pimco’s panel of “world-renowned experts on economic and political issues” also includes former US Federal Reserve chairman Ben Bernanke, Jean-Claude Trichet, former president of the European Central Bank, and Ng Kok Song, former chief investment officer of the Government of Singapore Investment Corporation. Currently, Pimco manages assets worth $1.5 trillion.
According to various media reports, Brown would not financially benefit from the “minor advisory role” in the investment firm.
A spokesman added: “Any money goes to the office of Gordon and Sarah Brown to support their charitable and public service work.”
Dan Ivascyn, Pimco’s group chief investment officer, said: “The Global Advisory Board is an unrivalled team of macroeconomic thinkers and former policymakers, whose insights into the intersection of policy and financial markets will be a valuable input to our investment process.”
Douglas Hodge, chief executive, added: “Sharing insights on how global macroeconomic and geopolitical policy affects markets and investments is an important part of the value we bring to investors as stewards of their assets, so our clients will benefit greatly from the experience and insight the Global Advisory Board will provide to us.”