Raymond James, the Canada-based unit of Raymond James Financial, has struck a deal to acquire non-deposit taking independent trust firm Solus Trust Company.

Solus Trust employs 17 people, who oversee more than $400m in assets.

The deal will see the formation of an entity that will combine Raymond James’ investment capabilities with Solus Trust’s offerings.

The consolidated entity is said to offer access to improved cross-border solutions and trust services, among others.

It will also augment Raymond James’ trust business in Canada, which was launched in April 2020 as part of the company’s comprehensive wealth management offering.

The deal, which is expected to receive regulatory clearance early next year, will enhance this trust business’ ability to offer independent trust and estate planning solutions.

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Financial details of the deal were not divulged.

Raymond James Trust (Canada) CEO Jennifer Hodgson said: “Solus Trust has tremendous people who share our conviction to deliver independent, high quality trust and estate planning solutions for individual Canadians and their families.

“Together with the talented team on our existing Raymond James Trust platform, we are excited about the opportunity to accelerate our capacity to deliver the best possible trust solutions for clients.”

Hodgson added: “Since it was founded in 2005, Solus Trust has established a strong reputation among its clients and key relationships.”

In June this year, Raymond James Financial closed a deal to buy diversified financial services company TriState Capital.