Alan Greenspan, the former chairman of the Federal Reserve, has joined Advisors Capital Management as economic adviser to the financial-planning firm based in Ridgewood, N.J.
Mr. Greenspan will work closely with the firm's senior members, providing economic analysis for Advisors Capital's top-down approach to selecting sectors for investment, the registered investment advisory firm said Thursday.
Advisors Capital Management first identifies industries that may be affected by macro developments before beginning a value-oriented, bottom-up selection of individual securities, according to the statement. Mr. Greenspan, who served five terms as Fed chairman, will also provide market-valuation analysis.
“I am now pleased we can bring the benefit of his insight to our investment clients,” Charles Lieberman, co-founder and chief investment officer at Advisors Capital, said in the statement.
The RIA firm provides portfolio management and wealth-management services to financial advisers and direct clients throughout the U.S.
Mr. Greenspan was first appointed by President Ronald Reagan in August 1987 and ended his last term in January 2006. After leaving the Fed, he opened Greenspan Associates, a consulting firm based in Washington, D.C.
In his new role at Advisors Capital, which has $1.45 billion of assets under management, Mr. Greenspan will work from his office in Washington, D.C. and speak at some of the firm's events, Mr. Lieberman said in a phone interview, noting that he's known Mr. Greenspan, age 90, for more than 30 years.
Jeff Benjamin contributed to this report