US bond giant hires ex UK prime minister

Fixed income investor Pimco has announced the appointment of former UK prime minister Gordon Brown (pictured) as a member of its advisory board.

Brown will joins a five person strong team, including former Federal Reserve chairman Ben Bernanke, former Singapore Investment Corporation CIO Ng Kok Song, New America president and CEO Anne-Marie Slaughter and former ECB president Jean-Claude Trichet.

Prior to becoming prime minister in 2007, Brown spent ten years as chancellor of the Exchequer.

Pimco’s board will meet several times per year at Pimco’s Newport Beach office in order to discuss the global economic outlook. The board will also attend Pimco’s annual Secular Forum in May, where the investment professionals discuss the market outlook for the next three to five years.

The appointment constitutes Brown’s first position in the investment industry following his departure from the role of Prime Minister in 2010. While his salary was not disclosed, a previous speaking engagement with Pimco in 2011 earned him about £48.658 (€67.301) and his salary is set to be multiples of this figure, the Financial Times reports.

As of Q32015, Pimco’s held $1.47trn (€1.36trn) in Assets under Management.

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