Global investment management firm PIMCO has hired former Federal Reserve chairman Ben Bernanke as senior adviser. According to reports, the decision has been taken by the company to boost its star power after the exit of co-founder Bill Gross.

Some competitors have questioned the move by the bond giant. Those competitors had also criticized the Fed when they found the former Federal Reserve chairman too close to PIMCO. According to the critics, Bernanke's closeness with PIMCO gives an advantage to the company in interpreting monetary policy.

Last week, Bernanke announced that he has decided to resign on to consult for the hedge fund Citadel. In an interview, Bernanke said that he will limit his Wall Street advisory roles to just the two companies. Bernanke also provides services at the Brookings Institution.

While talking to Reuters, 61-year-old Bernanke said that he has planned to remain full time at Brookings. According to him, he is not an employee of either firm and is an outside senior adviser. He said, "There won't be anymore. They, PIMCO and Citadel, prefer not having me consult too many firms and I personally think working with two firms will be plenty". Bernanke has not revealed how much how will be paid by PIMCO.

PIMCO, headquartered in Newport Beach, California, declined to say anything on Bernanke's pay. The company said that Bernanke has decided to be a part of every PIMCO quarterly meeting of top executives. According to the reports, Bernanke received about $US250, 000 for single speaking engagements last year. In addition, he received over $US200, 000 in annual salary as Fed chairman, which means that he will not come cheap.

According to Bernanke, he did not have any meeting with Bill Gross, bond manager, who excited the company last year for smaller rival Janus Capital Group.