Newport Beach, California (August 3, 2022) – PIMCO, one of the world’s premier fixed income investment managers, announces that Richard Clarida, former Vice Chairman of the Board of Governors of the Federal Reserve System, will rejoin PIMCO as Managing Director and Global Economic Advisor, a role similar to the one he held during his previous 12 years at PIMCO. He will join in October and be based in PIMCO’s New York office.
Joachim Fels, Managing Director and currently PIMCO’s Global Economic Advisor, will retire from PIMCO at the end of the year after a long and illustrious career spanning almost four decades as an economist.
“PIMCO has been extremely fortunate to have these two giants in the field of economics contribute to our global macroeconomic views for nearly two decades, helping the firm frame a rapidly changing world so we can make the best investment decisions for our clients,” said Dan Ivascyn, PIMCO’s Group Chief Investment Officer. “Rich’s work as architect of PIMCO’s New Neutral thesis in 2014, how lower interest rates for longer would impact valuations in fixed income markets, is just one example of the invaluable insights he has provided to PIMCO clients for many years. He rejoins at another inflection point for markets and we look forward to his insights and guidance on emerging trends.”
Mr. Clarida will advise PIMCO’s Investment Committee on macroeconomic trends and events. In his previous tenure at PIMCO from 2006-2018, Mr. Clarida served in a similar role as Global Strategic Advisor and played a key role in formulating PIMCO’s global macroeconomics analysis. He will be supported by PIMCO’s team of economists and macroeconomic research experts in the Americas, Asia-Pacific and Europe, and will work closely with PIMCO’s four key regional portfolio management committee – the Americas Portfolio Committee (AmPC), European Portfolio Committee (EPC), Asia-Pacific Portfolio Committee (APC) and Emerging Markets Portfolio Committee (EMPC).
Prior to returning to PIMCO, Mr. Clarida was the former Vice Chairman of the Board of Governors of the Federal Reserve System, and he is currently the C. Lowell Harriss Professor of Economics and International Affairs at Columbia University. Mr. Clarida also served as chief economic advisor to two U.S. Treasury Secretaries when he was the former Assistant Secretary of the Treasury for Economic Policy.
Mr. Fels, who joined PIMCO in 2015, is retiring from PIMCO at the end of 2022. He has provided invaluable leadership of global macroeconomic analysis for PIMCO’s Investment Committee, the broader firm and commentary for clients around the world. As a leader of PIMCO’s annual Secular Forum, Mr. Fels helped establish macroeconomic guardrails on how the firm approached investing over a three to five year period.
Biography - Richard Clarida
Richard Clarida is a PIMCO Managing Director and Global Economic Advisor. Prior to joining PIMCO in 2022, Mr. Clarida was PIMCO’s Global Strategic Advisor from 2006 to 2018. He also served as Vice Chairman of the Board of Governors of the Federal Reserve System from 2018 to 2022. Mr. Clarida is a C. Lowell Harriss Professor of Economics and International Affairs at Columbia University. He was also previously the former Assistant Secretary of the Treasury for Economic Policy, in which he served as chief economic advisor to two U.S. Treasury Secretaries. Mr. Clarida received a Bachelor’s of Science from the University of Illinois and Masters and PhD in economics from Harvard University.