Royal Trust (Canada)
Parent Royal Bank of Canada | | |
Website | Official website |
---|
The Royal Trust Company is a Canadian trust company that was founded in 1892 in Montreal, Quebec. By the late 20th century, it carried out trust, financial, real estate and deposit services in over 100 branches in Canada, the U.S. and overseas.[1] In 1993, the company was bought by the Royal Bank of Canada, and Royal Trust is now part of RBC Wealth Management.
History
The Royal Trust Company was founded in 1892 as the Royal Trust and Fidelity Company when on 24 June of that year its articles of incorporation were assented by the Parliament of Quebec. The founding members were Edward S. Clouston, J. Burnett, Frank Paul, George A. Drummond, Richard B. Angus, David Burke, C. G. Clouston, John Cassils, R. D. McGibbon, Louis-Joseph Forget, Charles R. Hosmer, James Ross, Herbert S. Holt, and D. Macmaster.[2] Of its charter board of 16 members, nine were members of the Bank of Montreal's board. The firm shared the premises of that bank from 1895.[3] Donald Smith, who at the time presided over the Bank of Montreal, was the inaugural president of Royal Trust.[4] In 1895, Royal Trust and Fidelity changed its name to Royal Trust Company.
Royal Trust operated out of the
In 1937, Royal Trust opened a new building to house its Toronto offices. This Royal Trust Building was designed by Allward & Gouinlock and was located at 66 King Street West.[5] It was demolished in 1972 to make way for First Canadian Place. In 1969, the company relocated its head offices to the new Royal Trust Tower, which was part of the Toronto-Dominion Centre complex. Since 2009, Royal Trust has had its headquarters in the RBC Centre.
In 1978, Royal Trustco Ltd. was founded in Ottawa to manage Royal Trust. In the mid-1980s, Royal Trustco ranked among the ten largest financial institutions in Canada.[1]
Canadian real estate developer
In 1984, the real estate agency A.E. LePage merged with Royal Trust to create the leading diversified real estate services organization in Canada. The new company was named Royal LePage.[8]
In 1986, Royal Trustco acquired Dow Financial Services Corporation,
In 1987, Royal LePage became a publicly traded company, trading on the Toronto, Vancouver and Montreal stock exchanges.[8]
In 1993, the firm was bought out by the Royal Bank of Canada.[1]
References
- ^ a b c "Royal Trustco Ltd"
- ^ An Act to incorporate "The Royal Trust and Fidelity Company." SQ 1892, c. 79.
- ^ Naylor, R. T. The History of Business, 1867-1914. Montreal: McGill-Queen's University Press, 2006: p. 100.
- ^ Newman, Peter C. (1992), Merchant Princes Viking, p.5
- ^ Royal Architectural Institute of Canada Journal, vol. 15, no. 5 (May 1938), p. 113.
- ^ Patton, Phil (1988-07-17). "The Man Who Bought Bloomingdale's". New York Times.
- ^ a b referenceforbusiness.com: "TRILON FINANCIAL CORPORATION"
- ^ a b royallepage.ca: "Our Story"