Fidelity Hires Former Bank of Canada Adviser Wolf

Fidelity Investments, the second-biggest mutual fund manager in the U.S., has hired former Bank of Canada Adviser David Wolf to work with its global asset allocation division.

The Boston-based company created a new position where Wolf works with portfolio managers to help with “asset allocation strategies,” according to a company memo obtained by Bloomberg News.

“His unique perspectives on the global capital markets, as well as his extensive knowledge of the Canadian marketplace, will be a strong addition,” Andrew Windmueller, chief investment officer of multi-asset class strategies for the division, said in the memo.

Wolf said in a July telephone interview he was leaving the Ottawa-based central bank to take a job in the private sector after a cooling-off period, without identifying his new employer. In his earlier position, he was main editor of the quarterly Monetary Policy Report and worked with the governing council that sets the Bank of Canada’s benchmark interest rate.

Wolf also worked as head of Canadian economics and chief strategist with Bank of America Securities-Merrill Lynch Canada, and for eight years as an economist and strategist with Royal Bank of Canada’s capital markets unit.

Fidelity’s global asset division manages $450 billion for Canadian and U.S. investors according the memo.

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