NEWPORT BEACH, Calif. Former Federal Reserve Chairman Alan Greenspan can add another title to long list of credentials — adviser to Allianz SE's Pacific Investment Management Co.

The 81-year old Greenspan, who retired from the Fed in January 2006 after 18 years as chairman, will advise the world's biggest bond fund on strategy during quarterly economic forums, a company spokesperson said.

He will join Pimco's chief investment officer Bill Gross who manages the $100 billion Total Return Fund for the company.

Since leaving the Fed, Greenspan has been on the paid speaking tour and writing a book, "The Age of Turbulence" which will be released in September.

In public appearances, he has refrained from commenting on monetary policy, but he's big very open about his economic outlook. Often his views have been at odds with those of his successor Ben Bernanke, and other Fed officials.

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Most recently Greenspan said the country faced a one-third chance of falling in to a recession.

Last week, the Fed announced its decision to keep the benchmark U.S. interest rate unchanged at 5.25 percent. It was the seventh consecutive time the agency has keep the rate unchanged after two years of increases.

The Fed also reiterated that inflation remains its "predominant" concern and that a "moderate pace" of economic growth is likely over the coming quarters.

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