TORONTO — Raymond James Ltd. has acquired Oak Trust Co., a privately held trust company based in London, Ont.
Financial terms of the deal by the Canadian arm of investment dealer Raymond James Financial Inc. were not disclosed.
Founded in 2004, Oak Trust is federally regulated. It offers trust administration, estate settlement and wealth management services.
The sale came as Chris Scarff, Oak Trust's president, chief executive and co-founder, announced his retirement.
Raymond James says the deal, which has been given regulatory approval, will make it the first non-bank owned full-service investment dealer in Canada to offer integrated fiduciary trust services.
The new division will be named Raymond James Trust (Canada), pending regulatory approval.
This report by The Canadian Press was first published April 28, 2020.
The Canadian Press
Note to readers: This is a corrected story. An earlier version said the deal was pending regulatory approval.