An adviser to some of the world’s largest hedge funds is heading back to the Federal Reserve to manage its growing balance sheet.
Brian Sack has been named head of the Federal Reserve Bank of New York’s markets group, where he will oversee both the Fed’s portfolio and all open-market operations. Sack joins from Macroeconomic Advisers, where he specialized in Fed analysis. Macroeconomic Advisers boasts 50 of the world’s largest money managers and hedge funds as clients.
Sack “brings to the Bank a unique understanding of the interplay of economics and finance and has a combination of real world experience and public service that will be invaluable to the New York Fed,” his predecessor, William Dudley, said. Dudley has been named president and CEO of the New York Fed.
Sack, who begins his new job in June, is no stranger to the Fed: In addition to his years analyzing it as an economist with Macroeconomic Advisers, he headed the Federal Reserve Board of Governors’ monetary and financial markets analysis section.