Greenspan to Consult for Pimco: WSJ
Alan Greenspan has signed Allianz Pacific Investment Management (Pimco) as his first client since leaving as chairman of the U.S. Federal Reserve the Wall Street Journal reports.
Pimco's chief investment officer is Bill Gross, the widely known as the bond king .
Under the arrangement, signed this week, the Wall Street Journal says that Greenspan will participate once each quarter in a strategy session with executives of Pimco, including Gross.
He will also speak with them as often as twice a week via conference call and email, dropping a self-imposed prohibition he has observed since leaving the Fed in January 2006. He will also discuss Fed interest-rate policy with the firm, provided those conversations are private.
With about $680 billion under management, 95% of it in fixed income, Pimco and Gross regularly move the bond market.