UPDATE 1-MOVES-Raymond James Canada hires former Cormark CEO to co-head investment banking

(Updates to add details)

TORONTO, March 26 (Reuters) - Raymond James Financial has hired Chris Shaw, the former CEO of Cormark Securities, as co-head of its Canadian investment banking unit, according to a memo seen by Reuters.

Shaw, who spent 16 years at independent advisory firm Cormark, will co-head the team with Craig McDougall, who also heads the M&A team.

After a six-month transition period, McDougall will lead the advisory M&A practice as head of M&A, Canada CEO Jamie Coulter said in a memo to staff.

Shaw is expected to join the company on April 22.

Raymond James did not respond to a request for comment.

In Canada, Raymond James offers services to individual and institutional clients as well as corporate issuers. Its investment banking team of about 40 people focuses on areas including mining and financial services.

It has about 1,700 employees and agents across Canada.

Investment banking firms are preparing to cater to clients as demand is expected to recover this year following a long period of lull after the central bank increased interest rates. (Reporting by Nivedita Balu in Toronto; editing by Costas Pitas)