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Jamie Coulter, a 25-year veteran of Raymond James Ltd., will become the Toronto-based firm’s CEO on Jan. 1.

Coulter, who is currently executive vice-president, wealth management, will succeed Paul Allison.

Allison will step into the newly created role of executive chairperson on Dec. 31, and “will continue to provide strategic guidance to the management team, governance and serve in a senior client relationship capacity,” a release said.

Allison will also continue to chair the boards of Raymond James Ltd., Raymond James Financial International, the Raymond James Canada Foundation, and the Investment Industry Regulatory Organization of Canada.

As CEO, Coulter will join the board of Raymond James Ltd. and be responsible for day-to-day operations, including the wealth management, capital markets and corporate divisions, as well as the firm’s private client business.

Coulter became executive vice-president of wealth management in 2019, when he succeeded Richard Rousseau.

There are no plans to find a replacement for Coulter at this time, a spokesperson told Investment Executive, citing “very strong folks on the leadership side of our wealth business” and the fact that Coulter will continue to oversee wealth management as CEO.

“Jamie is widely respected throughout Raymond James and his broad background across all business lines, coupled with his extensive knowledge of the firm and the industry, make him an [excellent] choice as CEO,” said Paul Reilly, chairman and CEO of parent company Raymond James Financial Inc.

“Both Paul and Jamie are exceptional leaders and I am confident there will be a seamless transition of the CEO responsibilities, and continued focus on serving our clients at the highest standards.”