TORONTO (Reuters) - The Bank of Canada has appointed former Merrill Lynch executive Lynn Patterson as special adviser to new governor Stephen Poloz, the central bank said on Friday.
Patterson, who stepped down in April as president of Merrill Lynch Canada and worked in bond sales at Goldman Sachs in the 1990s, will serve a two-year term at the central bank as senior representative of financial markets.
“Lynn’s expertise will help us better understand market developments and will support our work to make the Canadian and global financial systems safer and more resilient,” Poloz, who officially replaced Mark Carney as the bank’s governor this week, said in a statement.
Patterson succeeds Evan Siddell, who took on the role in 2011.
Her markets background should complement Poloz, who was most recently president of Export Development Canada, but lacks private sector markets experience.
“I guess it’s a little bit of a weak spot compared to Mr. Carney,” said Doug Porter, chief economist at BMO Capital Markets.
Carney, who like Patterson is a former Goldman Sachs executive, will take on the top job at the Bank of England in July.
Reporting by Cameron French; Editing by Janet Guttsman, Bernard Orr