The Florida-based company said that excluding the US$21 million pretax charge for acquisition-related and certain interest expenses, its net income for the second quarter of fiscal 2012 would have been US$81.94 million or US$0.64 per diluted share.
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The company registered net revenues of $871.94 million for the current quarter, up 2% over the prior year’s quarterly net revenues of $852.06 million.
As of 31 March 2012, the firm’s assets under management was US$39 billion and assets under administration was US$292 billion, up 11% and 8% respectively, over the previous quarter.
Commenting on the results, Raymond James Financial CEO Paul Reilly said the Private Client Group reported record quarterly revenues of US$567.76 million, up 7% from the previous quarter.
"We have continued to successfully recruit experienced financial advisors from other firms. The combination of growth in advisors and market improvement drove revenue growth. However, the bottom line was impacted by a seasonal increase in compensation expenses (raises and employment taxes) and increased technology expenditures," added Reilly.
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By GlobalDataRaymond James Financial with its three principal wholly owned broker/dealers, Raymond James & Associates, Raymond James Financial Services and Raymond James Ltd., had approximately 5,400 financial advisors serving two million accounts in 2,400 locations throughout the US, Canada and overseas.
