U.S. President Barack Obama says he will nominate Bruce Heyman, a former fundraiser for the Democrats and partner at Goldman Sachs, as the new ambassador to Canada.

Heyman has been the managing director of private wealth management at Goldman Sachs since 1999, and has been with the investment banking firm since 1980.

Heyman and his wife, Vicki, served on Obama’s National Finance Committee in 2012, helping to raise millions for his re-election campaign.

The U.S. has not had an ambassador to Canada since David Jacobson stepped down last July.

Jacobson left the position to join BMO Financial Group.

Heyman has been the reported front-runner for the position since Jacobson’s departure.

He has publicly praised Obama, even as other Goldman Sachs executives donated to the Republican Party in 2012.

Maryscott Greenwood of the Canadian American Business Council said Heyman can "take the ball and continue to advance the interests of our two countries at a crucial time."

A spokesperson for Prime Minister Stephen Harper welcomed Obama’s decision to nominate Heyman.

"We look forward to working with Ambassador-Designate Heyman to continue to build on the strong relationship with the Obama Administration and advance shared priorities, including the creation of jobs and increased trade on both sides of the border," Stephen Lecce wrote in an email to The Canadian Press.

With files from The Canadian Press