March 20, 2018 / 4:13 PM / 10 months ago

Pimco adds former White House chief of staff Bolten to advisory board

FILE PHOTO - The offices of Pacific Investment Management Co (PIMCO) (R) are shown in Newport Beach, California August 4, 2015. REUTERS/Mike Blake

NEW YORK (Reuters) - Pacific Investment Management Co has added Joshua Bolten, former White House Chief of Staff to U.S. President George W. Bush, to its Global Advisory Board, PIMCO said on Tuesday in a statement.

Established three years ago, Pimco’s Global Advisory Board plays a key role in the firm’s investment process and is designed to provide a deeper understanding of the policies and institutions that influence financial markets.

Former Federal Reserve Chairman Ben Bernanke is chairman of the board, which is comprised of six members, including Bolten.

Bolten, who has previously served as a consultant to Pimco, is president and CEO of the Business Roundtable in Washington, an association of chief executives of leading U.S. companies.

He served in the White House under President George W. Bush as chief of staff from 2006 until 2009, director of the Office of Management and Budget from 2003 until 2006, and prior to that, as deputy chief of staff for policy.

“Josh’s talents, expertise and invaluable insights into U.S. public policy will enhance this group of renowned macroeconomic thinkers and former policy makers,” Dan Ivascyn, Pimco’s Group Chief Investment Officer said in the statement.

The other four members of the Pimco Global Advisory Board are Gordon Brown, former British prime minister and former chancellor of the Exchequer; Ng Kok Song, former chief investment officer of the Government of Singapore Investment Corporation (GIC); Anne-Marie Slaughter, former director of policy planning for the U.S. State Department; and Jean-Claude Trichet, former president of the European Central Bank.

Pimco, owned by Allianz SE (ALVG.DE), a global diversified financial services provider, oversaw $1.75 trillion in assets under management as of Dec. 31.

Reporting by Jennifer Ablan; Editing by Bernadette Baum

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