One of the world's biggest investment firms on Monday said it had appointed a stellar cast of advisers, including ex-Federal Reserve chief Ben Bernanke and former British prime minister Gordon Brown. Pacific Investment Management Co, or Pimco, also appointed ex-European Central Bank president Jean-Claude Trichet and former US State Department policy chief Anne-Marie Slaughter to its new Global Advisory Board.
Pimco currently manages $1.5 trillion in assets, but the California-based firm has been hit by turmoil after the shock departure of former chief executive Mohamed El-Erian last year. It is currently mired in an acrimonious legal dispute with former founder Bill Gross, and in May its flagship bond fund lost its title as the world's largest as investors yanked billions from the company's management. Dan Ivascyn, Pimco's group chief investment officer, said the board was an "unrivalled team of macroeconomic thinkers" who would provide valuable input to the firm. Ng Kok Song, former chief investment officer of the Singapore government's GIC, one of the world's largest sovereign wealth funds, completes the five-strong board.