Pimco, the global investment management firm, has appointed Janet Yellen, former United States treasury secretary, and Raghuram Rajan, former Reserve Bank of India governor, to its Global Advisory Board.

The addition comes as Ben Bernanke, former chair of the Federal Reserve, retires from his role as chair of the advisory board after a decade of service. Gordon Brown, former UK prime minister, will take over as chair of the board.

Emmanuel Roman, Pimco's chief executive officer, highlighted the significance of the new appointments, stating: "Secretary Yellen and Dr Rajan's deep expertise in economic policy make them remarkable additions to our Global Advisory Board. Their insights will be crucial for us as we continue to navigate the complexities of the global economy and assess their potential impact on markets for our clients."

Dan Ivascyn, Pimco's group chief investment officer, emphasized the strategic importance of the board, noting: "Understanding the complexities and impact of central bank policymaking, international governance and economic conditions on fast-moving markets are critical components of our investment strategy."

Yellen, who served as treasury secretary from 2021 to 2025 and as Federal Reserve chair from 2014 to 2018, brings extensive experience in economic policy. She has held academic positions at institutions including Harvard University, the London School of Economics, and the University of California, Berkeley.

Rajan, currently a professor of finance at the University of Chicago Booth School of Business, previously served as governor of the Reserve Bank of India from 2013 to 2016 and was chief economist at the International Monetary Fund from 2003 to 2006.

The Global Advisory Board now comprises a diverse group of experts, including Brown, Joshua Bolten, former White House chief of staff, and Michèle Flournoy, a US defence policy advisor.

Roman also expressed gratitude to the outgoing members, saying: "We want to thank Chair Ben Bernanke and Prime Minister Carney for their leadership and valued perspectives over many years on the Global Advisory Board."

The board provides Pimco with strategic insights into global economic, political, and strategic developments and their potential implications for financial markets.

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