Canadian financial services firm Raymond James is set to launch a provincially regulated trust company.
The subsidiary will be headquartered in Montreal, Quebec.
Raymond James will now deliver integrated estate/succession, trust and power of attorney/mandate services.
This makes the firm the first non-bank owned Canadian investment dealer to provide these services.
Currently, the firm submitted an application for creation of the new subsidiary that will be called Raymond James Trust (Quebec).
Commenting on the development, Raymond James chairman and CEO Paul Allison said: “We consider this an important first step to broaden our service offering for our clients and their families who require trust company estate/succession, trust and power of attorney/mandate services.
“We will be able to provide trust company services, or assist them in relation to those services.
“It gives our Quebec based advisers and portfolio managers an important new service tool which will complement their core wealth management services and further benefit clients with more complex needs.”
Raymond James entered the Canada market in 2001.
The business has staff headcount of over 1,400 in the country, which includes more than 500 advisers and portfolio managers.