Former Bank of England Governor Mark Carney adds to his wealth by joining PIMCO

Former Bank of England Governor Mark Carney will join the advisory board of PIMCO, one of the world’s biggest bond investment companies, adding to his existing roles with the United Nations and a Canadian asset manager.

Carney will work alongside former British Prime Minister Gordon Brown, ex-Federal Reserve Chair Ben Bernanke and a previous President of the European Central Bank, Jean-Claude Trichet.

PIMCO manages £1.48 trillion of assets and is owned by German insurer Allianz.

“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,” PIMCO’s chief executive, Emmanuel Roman, said.

PIMCO says it uses its global advisory board to improve fund managers’ understanding of how institutions such as central banks influence financial markets.

Last month Carney joined Canadian asset management company Brookfield as a vice chair to head its green investment programme, in his first major business role since leaving Britain’s central bank in March.

Before leaving the BoE, he also accepted a role as a United Nations Special Envoy on Climate Action and Finance.

Carney, who spoke regularly on the need for banks and insurers to heed the risks from global warming, was one of the world’s best-paid central bankers, earning £882,885 pounds including pension and housing benefits in his last year at the BoE.