skyline of downtown montreal

Raymond James Ltd. announced on Monday it has applied to establish a trust company based in Montreal.

The new subsidiary, which still requires regulatory approval, will be called Raymond James Trust (Quebec). The addition would make Raymond James the first non-bank-owned investment dealer to offer estate/succession, trust and power of attorney/mandate services, the firm said in a release.

Paul Allison, chairman and CEO of Raymond James Ltd., called the move an “important first step to broaden our service offering.”

In a statement, Allison said, “It gives our Quebec-based advisors and portfolio managers an important new service tool which will complement their core wealth management services and further benefit clients with more complex needs.”