Investment dealer Raymond James has purchased Oak Trust Company, a trust company headquartered in London, Ontario.
Through the acquisition, Raymond James is said to become the first non-bank owned full-service Canadian investment dealer to deliver integrated fiduciary trust services.
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The acquired entity will adopt the name Raymond James Trust (Canada) upon regulatory clearance.
Oak Trust chairman William Dodds said: “Having in-house trust expertise will give Raymond James advisers an important edge to better assist their clients and family members, while maintaining their critical relationships and ongoing support.”
Financial terms of the deal were not revealed.
Established in 2004, Oak Trust offers trust administration, estate settlement as well as wealth management services.
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By GlobalDataRaymond James Chairman & CEO Paul Allison said: “This acquisition is an important way to broaden our service delivery for Canadian investors and their families who require fiduciary trust services to assist them with a wide range of important needs like estate settlement, trust administration, tax efficient estate planning and power of attorney services.
“It gives our advisers and portfolio managers important new trust services tools which will complement their core wealth management services and further benefit clients with more complex needs.”
Raymond James is the Canadian unit of investment dealer Raymond James Financial.
It employs more than 1,400 people across Canada.
