People Moves

Former Fed Vice Chair Rejoins PIMCO

Editorial Staff, August 4, 2022

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The move also highlights the close links that can exist between the worlds of high finance and the US central bank and US Treasury.

PIMCO, the fixed income house overseeing $1.82 trillion of assets, has appointed former Federal Reserve vice chairman, Richard Clarida, as global economic advisor and managing director. He will be joining PIMCO in October and be based in New York.

The move represents a return for the man who served in a similar role at the firm for 12 years.

Joachim Fels MD, the current global economic advisor who joined PIMCO in 2015, will be retiring at the end of 2022.

“PIMCO has been extremely fortunate to have these two giants in the field of economics contribute to our global macroeconomic views for nearly two decades, helping the firm frame a rapidly changing world so we can make the best investment decisions for our clients,” Dan Ivascyn, PIMCO’s group chief investment officer, said. 

“Rich’s work as architect of PIMCO’s New Neutral thesis in 2014, how lower interest rates for longer would impact valuations in fixed income markets, is just one example of the invaluable insights he has provided to PIMCO clients for many years. He re-joins at another inflection point for markets and we look forward to his insights and guidance on emerging trends.”

Clarida will advise PIMCO’s Investment Committee on macroeconomic trends and events. His previous stint at PIMCO  was from 2006 to 2018. He is the C Lowell Harriss professor of economics and international affairs at Columbia University. Clarida also served as chief economic advisor to two US Treasury Secretaries when he was the former assistant secretary of the Treasury for Economic Policy.

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