Pimco has hired former global policy makers and investors for a new advisory panel, adding muscle to the company months after naming former Federal Reserve chairman Ben Bernanke as a senior adviser.

The Newport Beach, California-based money manager said it had formed a new global advisory panel led by Mr. Bernanke that will advise the firm's board on economic and geopolitical issues. The group will meet several times a year and help inform the firm's investment process.