Raymond James (RJF) Arm Wraps Up Merger With Solus Trust
Raymond James Financial, Inc.’s RJF Canadian business subsidiary, Raymond James Ltd., along with its trust business, has completed its previously announced agreement to merge with Vancouver-based Solus Trust Company Limited (”STCL”). The terms of the deal were not disclosed.
The merger, announced in December 2022, will help Raymond James to further bolster its trust business in Canada and become more efficient, as well as to offer top-tier, independent trust and estate planning services.
RJF’s trust business in Canada was first launched as part of the company’s total wealth management offering in April 2020.
Jennifer Hodgson, CEO of RJ Trust, stated, "The combined entity creates the largest independent trust company in Canada and extends our capacity to deliver high quality, independent trust services through the expansion of our team of estate and trust professionals across the country.
John Blackmer, founder and president of STCL, said, "Our team is excited to begin the next phase of the Solus Trust story as part of Raymond James. Our independent service model will continue to thrive, and we look forward to delivering a full slate of trust services to Canadians and their families."
The combined firm will operate under the Solus Trust Company brand, reflecting the importance of STCL’s client relationships and its long-standing reputation for providing unbiased trust and estate solutions for nearly two decades.
As far as Quebec operations are concerned, there are a number of steps required to complete the transition. So, until the process is complete, it will continue operating under the name of Raymond James Trust (Quebec).
Over the past few years, Raymond James has closed several deals that have contributed to its expansion globally. In the last fiscal year, the company acquired SumRidge Partners, TriState Capital Holdings and the U.K.-based Charles Stanley Group PLC. These deals, along with several others, poise Raymond James well for future growth.
Over the past three months, shares of RJF have gained 9.7% compared with the industry’s upside of 3.2%.
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Currently, the company carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Inorganic Expansion Efforts by Other Firms
Last month, Affiliated Managers Group, Inc. AMG completed the acquisition of a minority equity interest in Forbion Group Holding B.V. The terms of the deal have not yet been disclosed by AMG.
Being a venture capital and growth equity firm with €3 billion in assets under management, Forbion focuses on investing in high-quality life sciences companies across all stages of their development.
NBT Bancorp Inc. NBTB completed its previously announced deal to acquire Salisbury Bancorp, Inc on Aug 11. The deal, announced in December 2022, was valued at $204 million.
Under the terms of the agreement, the holders of Salisbury common stock received 0.7450 shares of NBTB common stock, which equates to a value of $35 per Salisbury share.
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