Former BoE policy maker Vlieghe joins Element Capital hedge fund

LONDON (Reuters) – Former Bank of England politician Gertjan Vlieghe has agreed to join the major US hedge fund Element Capital as chief economist, a company representative said Monday.

Vlieghe served on the BoE’s Monetary Policy Committee for six years before stepping down as an external member at the end of August after his second three-year term ended. Prior to joining the MPC, he was a partner at Brevan Howard hedge fund.

Element Capital has approximately $ 15 billion under management. The fund closed on new investment in 2018 and returned $ 2 billion to investors earlier this year.

Vlieghe will be based in London and is expected to take up his new role later this year. News of his appointment was first reported by the Financial Times.

During his time as a policy maker, Vlieghe was generally quite reluctant, preferring to cut interest rates below zero when the UK economy continued to weaken.

A few months later, as the UK economy continued to recover from the COVID-19 pandemic, he said the BoE would likely hike rates in 2022.

In his last BoE speech https://www.bankofengland.co.uk/speech/2021/july/gertjan-vlieghe-speech-at-the-london-school-of-economics in July, Vlieghe highlighted the role of the aging population and higher income inequality in lowering global interest rates and the limited ability of central banks to ease financial conditions in future downturns.

(Reporting by David Milliken; Editing by Michael Holden)

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