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Raymond James (RJF) Signs Merger Agreement With Solus Trust
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Raymond James Financial, Inc.’s (RJF - Free Report) Canadian business arm, Raymond James Ltd., along with its trust business, has announced the acquisition of Vancouver-based Solus Trust Company Limited. Regulatory approvals for the deal are expected in early 2023.
The merger with Solus Trust will significantly accelerate the growth and capacity of Raymond James’ trust business in Canada and its ability to deliver high-quality, independent trust and estate planning solutions.
RJF’s trust business in Canada was first launched as part of the company’s total wealth management offering in April 2020. It has a team of 17 professionals managing more than $400 million in assets on behalf of individuals and their families.
Jennifer Hodgson, the CEO of Raymond James Trust, stated, “Solus Trust has tremendous people who share our conviction to deliver independent, high-quality trust and estate planning solutions for individual Canadians and their families. Together with the talented team on our existing Raymond James Trust platform, we are excited about the opportunity to accelerate our capacity to deliver the best possible trust solutions for clients.”
Ms. Hodgson added, “Since it was founded in 2005, Solus Trust has established a strong reputation among its clients and key relationships. The client-first values that both firms share creates a solid foundation to build upon and we are excited for the future.”
John Blackmer, the president and CEO of Solus Trust, said, “The partnership with Raymond James presented a perfect opportunity for the people and clients of Solus Trust. It continues the independent service model we have always embraced and creates a powerful combination that will immediately expand our independent trust services offering across Canada.”
Notably, Raymond James has accomplished several deals over the past few years that have helped expand into Europe and Canada. In July 2022, it acquired SumRidge Partners, which will boost its fixed-income capabilities. In June, it concluded the acquisition of TriState, while in January, it closed the acquisition of U.K.-based Charles Stanley Group PLC.
In fiscal 2021, it acquired Cebile Capital and a boutique investment bank, Financo, while in fiscal 2020, it acquired NWPS Holdings, Inc. These deals, along with several past ones, poise Raymond James well for future growth.
Over the past year, shares of RJF have gained 17.5% against a decline of 7.8% recorded by the industry.
Washington Federal, Inc. (WAFD - Free Report) announced its plan to enter the lucrative and “fast-growing” California market. The company signed an agreement to acquire Luther Burbank Corporation and its wholly-owned subsidiary, Luther Burbank Savings, for $654 million.
Washington Federal is expected to use the deal as “a platform for growth in attractive California markets.” The company intends to enhance multi-family loan origination capabilities and expand commercial banking activities to Northern and Southern California. At present, LBC operates in California, Washington and Oregon through 11 full-service branches and seven loan production offices.
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Raymond James (RJF) Signs Merger Agreement With Solus Trust
Raymond James Financial, Inc.’s (RJF - Free Report) Canadian business arm, Raymond James Ltd., along with its trust business, has announced the acquisition of Vancouver-based Solus Trust Company Limited. Regulatory approvals for the deal are expected in early 2023.
The merger with Solus Trust will significantly accelerate the growth and capacity of Raymond James’ trust business in Canada and its ability to deliver high-quality, independent trust and estate planning solutions.
RJF’s trust business in Canada was first launched as part of the company’s total wealth management offering in April 2020. It has a team of 17 professionals managing more than $400 million in assets on behalf of individuals and their families.
Jennifer Hodgson, the CEO of Raymond James Trust, stated, “Solus Trust has tremendous people who share our conviction to deliver independent, high-quality trust and estate planning solutions for individual Canadians and their families. Together with the talented team on our existing Raymond James Trust platform, we are excited about the opportunity to accelerate our capacity to deliver the best possible trust solutions for clients.”
Ms. Hodgson added, “Since it was founded in 2005, Solus Trust has established a strong reputation among its clients and key relationships. The client-first values that both firms share creates a solid foundation to build upon and we are excited for the future.”
John Blackmer, the president and CEO of Solus Trust, said, “The partnership with Raymond James presented a perfect opportunity for the people and clients of Solus Trust. It continues the independent service model we have always embraced and creates a powerful combination that will immediately expand our independent trust services offering across Canada.”
Notably, Raymond James has accomplished several deals over the past few years that have helped expand into Europe and Canada. In July 2022, it acquired SumRidge Partners, which will boost its fixed-income capabilities. In June, it concluded the acquisition of TriState, while in January, it closed the acquisition of U.K.-based Charles Stanley Group PLC.
In fiscal 2021, it acquired Cebile Capital and a boutique investment bank, Financo, while in fiscal 2020, it acquired NWPS Holdings, Inc. These deals, along with several past ones, poise Raymond James well for future growth.
Over the past year, shares of RJF have gained 17.5% against a decline of 7.8% recorded by the industry.
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Currently, RJF carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Inorganic Growth Efforts by Other Firms
Washington Federal, Inc. (WAFD - Free Report) announced its plan to enter the lucrative and “fast-growing” California market. The company signed an agreement to acquire Luther Burbank Corporation and its wholly-owned subsidiary, Luther Burbank Savings, for $654 million.
Washington Federal is expected to use the deal as “a platform for growth in attractive California markets.” The company intends to enhance multi-family loan origination capabilities and expand commercial banking activities to Northern and Southern California. At present, LBC operates in California, Washington and Oregon through 11 full-service branches and seven loan production offices.