Business people shaking hands

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.

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).