10/16/2012 05:00 EDT | Updated 12/16/2012 05:12 EST

Former Quebec minister becomes chief economist at Industrial Alliance

QUEBEC - Former Quebec minister Clement Gignac is returning to his pre-political career path by joining Industrial Alliance as senior vice-president and chief economist as of December.

The former Liberal minister of natural resources and economic development was chief economist at the National Bank of Canada (TSX:NA) before jumping into politics in 2009.

Gignac will become insurance firm Industrial Alliance's (TSX:IAG) spokesman on economic matters and will work with its portfolio managers on the development of asset allocation strategies for individual investment funds.

Founded in 1892, Industrial Alliance is Canada's fourth-largest life and health insurance company, employing 4,200 people and managing more than $75 billion in assets. It has Canada's 12th largest sales of mutual funds and second larger for net sales of segregated funds.