PIMCO announced in a press release that Mark Carney, economist and former Governor of both the Bank of England and the Bank of Canada, will join its Global Advisory Board. The Board provides PIMCO investment professionals with insights on global economic, political, and strategic developments and their relevance for financial markets.
Established over four years ago, it is “an important part of the firm’s investment process and is designed to provide a deeper understanding of the policies and institutions that influence financial markets”, says the document. Former Federal Reserve Chairman Ben Bernanke is the Chair of the Board, which is comprised of seven members including Carney.
“Mark’s extensive experience as an economist and central banker, combined with his focus on transforming climate finance, makes him an invaluable addition to this renowned group of thinkers,” said Emmanuel Roman, PIMCO’s Chief Executive Officer.
Meanwhile, Dan Ivascyn, Group Chief Investment Officer, pointed out that the Board “continues to be an important part of our investment process, providing unique global insight, and challenging our bias and assumptions, as we pursue the best investment outcomes for our clients around the world”.
Carney is currently UN Special Envoy on Climate Action and Finance. From 2013 to March 2020, he served as the Governor of the Bank of England and Chair of the Monetary Policy Committee, Financial Policy Committee and the Board of the Prudential Regulation Committee. In addition, he served as Chair of the Financial Stability Board (FSB) from 2011 to 2018, and First Vice-Chair of the European Systemic Risk Board. He was Governor of the Bank of Canada from 2008 to 2013.
Other members of the PIMCO Global Advisory Board are Gordon Brown, former U.K. Prime Minister and former Chancellor of the Exchequer; Ng Kok Song, former CIO of the Government of Singapore Investment Corporation (GIC); Anne-Marie Slaughter, former Director of Policy Planning for the U.S. State Department; Joshua Bolten, former White House Chief of Staff; and Jean-Claude Trichet, former President of the European Central Bank.
Por Gabriela Huerta
Por Funds Society, Madrid