Former Treasury Secretary Janet Yellen will be joining an advisory board for bond giant Pimco, CNBC has learned.
Joining other prominent officials in the world of economics and finance, Yellen, who also served as Federal Reserve chair, will serve on the board that meets several times a year, according to the report from CNBC’s Leslie Picker.
The advisory board members’ mission, according to the Pimco website, is to “contribute their insights to the firm on global economic, political and strategic developments and their relevance for financial markets.”
Current members include Gordon Brown, the former U.K. prime minister; ex-White House chief of staff Joshua Bolten; Michèle Flournoy, former defense policy advisor under two U.S. presidents; and Raghuram Rajan, an economist and former governor for the Reserve Bank of India.
In addition, former Federal Reserve Chair Ben Bernanke also served as a senior advisor at Pimco, and Richard Clarida, who had served as the central bank’s vice chair, is a managing director in the firm’s New York office.
Yellen served as head of Treasury during all four years of the Biden administration, and before that was Fed chair from 2014-18. She was the first woman to hold the respective posts. Prior to taking the Treasury post, she served a stint as a distinguished fellow at the Brookings Institution think tank.
Pimco, based in Newport Beach, California, manages about $2 trillion for clients and once ran the largest bond fund in the world. Yellen has a past with the firm, reporting once that she collected a $180,000 speaking fee at the firm in 2019.
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