Alan Greenspan, the former chairman of the US Federal Reserve, is to join US bond fund manager Pimco to advise on strategy. He will meet with Pimco executives once a quarter, including fellow interest-rate guru Bill Gross, a man who has had differences of opinion with him in the past.

Greenspan has already been advising his new client that world interest rates are headed higher over the next three years, according to the Wall Street Journal.