Greenspan to join Pimco

Newport Beach-based fixed-income fund management company Pimco has announced that former Federal Reserve Chairman Alan Greenspan will serve as a consultant for the firm.

Details of the multiyear consulting contract, which took a year to negotiate, were undisclosed.

Greenspan, 81, will meet with Pimco director Bill Gross — often dubbed the “bond king” — four times a year during the company’s economic forums and strategy reviews in Newport Beach. He will also aid in developing the company’s investment strategies during the year.

Pimco manages more than $687 billion in assets.

“Pimco employees and clients around the world are excited and invigorated by the announcement,” spokesman Mark Porterfield said in an e-mail to the Daily Pilot. “Watch out, the Big Apple might just start referring to Newport as ‘Wall Street Beach.’ ”

Greenspan was appointed as the country’s top economist in 1987 and remained as chairman of the Federal Reserve until January 2006, when he retired and Ben Bernanke took over.

Pimco is the first company Greenspan has consulted for since he left the Federal Reserve, according to the company.