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U.S. President Barack Obama will nominate Chicago investment banker Bruce Heyman as his ambassador to Canada, the White House said Thursday.

Known as a powerful fundraising force for the President, Heyman has been managing director of private wealth management at Goldman Sachs since 1999.

Thursday’s announcement comes despite rumours that had circulated during the summer that Heyman’s complex investment portfolio may have disqualified him from the running for the job.

Heyman, who has worked for Goldman Sachs since 1980, would replace departing ambassador David Jacobson, who has held the position since 2009.

Public records show that Heyman and his wife, Vicki, have been donating...

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