Investment firm Raymond James acquires Oak Trust

The Canadian Press

Bank towers are shown from Bay Street in Toronto's financial district, on Wednesday, June 16, 2010. Canada's big banks are set to report their latest earnings this week, and while they are poised to benefit from better credit trends in the oil and gas sector and rising U.S. interest rates, headwinds such as housing market concerns and overburdened consumers are expected to weigh them down. , THE CANADIAN PRESS/Adrien Veczan

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 requires 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).