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Veteran economist Clément Gignac has been appointed to the position of senator, Prime Minister Justin Trudeau announced on Thursday.

Gignac had served as senior vice-president and chief economist at iA Financial Group since December 2012 and co-managed various iA Financial investment funds.

iA Financial has appointed Sébastien McMahon, portfolio manager and economist, as interim chief economist, the firm said in a release. Gignac will remain involved at iA Financial as an advisor to assist in the transition.

Alain Bergeron, head of the asset allocation committee at iA Financial, “will continue to be involved in the management of the funds for which Clément Gignac was portfolio manager,” the firm indicated.

“The appointment of one of our own to this prestigious position is indeed a source of pride for our entire organization,” said Denis Ricard, president and CEO of iA Financial in the release. “I sincerely thank Clément for his outstanding contribution and wish him the best of success in his new role.”

Between 2000 and 2008, Gignac worked for National Bank Financial, where he was vice-president and chief economist.

During the 2008-09 financial crisis, he joined the Department of Finance as special advisor to the deputy minister, and was Canada’s official representative on one of the working groups set up by the G20.

Gignac was elected as a member of the National Assembly of Quebec in 2009. He was named Minister of Economic Development, Innovation and Export Trade in the Quebec government, and went on to serve as Minister of Natural Resources and Wildlife from 2011 to 2012.

On the international stage, Gignac joined the World Economic Forum’s Global Agenda Council in 2010, and chaired its council on competitiveness in 2012-13. He is also a standing member of the Conference of Business Economists, which is based in Washington, D.C.