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Raymond James Ltd.’s head of wealth management Jamie Coulter will take over as chief executive officer next year after Paul Allison announced he is stepping down after 13 years at the helm.

Mr. Coulter will join the board of the company and be responsible for day-to-day operations when he assumes the role of CEO on Jan. 1.

Mr. Allison, who is also chairman, will transition into a newly created role of executive chair, effective Dec. 31. In his new role, he will continue to provide “strategic guidance to the management team, governance and serve in a senior client-relationship capacity,” the company said in a statement on Monday.

A spokesperson for the company said it will not be appointing a new chairman “at this time.”

Mr. Coulter first joined the predecessor firm of Raymond James in 1995, and has held senior positions including serving as general manager of equity capital markets and branch manager of the Toronto private-client group.

As he transitions into his new role, he will continue to chair the company’s board, as well as that of its charity arm, the Raymond James Canada Foundation. He will also continue as chair of the Investment Industry Regulatory Organization of Canada.

Raymond James is one of Canada’s largest independent wealth managers, with 495 investment advisers managing about $70-billion in assets. The firm is a subsidiary of North American investment dealer Raymond James Financial Ltd., which manages more than US$1.2-trillion in assets.

“Paul has been a phenomenal leader during a remarkable period of organic and acquired growth in Canada over the past 13 years,” Paul Reilly, CEO of Raymond James Financial Ltd., said in a statement.

The executive management team in Canada will report directly to Mr. Coulter, including wealth management, capital markets and corporate division. Mr. Coulter will also oversee the company’s private-client business.

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