Toronto-based Raymond James Ltd. is acquiring Vancouver-based Solus Trust Company Limited and plans to merge it with its Raymond James Trust (Canada) business, the firm announced Tuesday.
Solus Trust, founded in 2005 and consisting of 17 trust and estate professionals, provides trust, estate and substitute decision maker services, managing $400 million in assets.
The deal “significantly accelerates” the growth capacity of Raymond James’ trust business in Canada, Raymond James indicated in a release.
“Solus Trust has established a strong reputation among its clients and key relationships,” said Jennifer Hodgson, CEO of Raymond James Trust, in the release. “The client-first values that both firms share creates a solid foundation to build upon.”
Said John Blackmer, president and CEO of Solus Trust: “[The deal] continues the independent service model we have always embraced and creates a powerful combination that will immediately expand our independent trust services offering across Canada.”
Clients of the merged entity will have access to cross-border services through Raymond James Trust professionals in the U.S., the release said.
Raymond James launched its Canadian trust business in April 2020. Hodgson, based in Montreal, was appointed CEO of Raymond James Trust in September 2020.
Regulatory approvals for the transaction are expected early in 2023, the release said.
Raymond James Ltd. is the Canadian arm of U.S.-based Raymond James Financial, Inc.