The private client group of Raymond James Financial has reported a pre-tax income of $69.1m for the fiscal first quarter ended 31 December 2015, a decrease of 25% compared to $92.7m in the prior year quarter.
For the first quarter of fiscal 2016, the division’s net quarterly revenues were $872.3m, a 3% rise from $845.2m a year ago.
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The unit’s total assets under administration stood at $473.1bn, up 3% compared to $459.1bn in the same quarter a year ago.
The division’s financial advisors reach a record of 6,687 for the fiscal first quarter of 2016, an increase of 351 over December 2014.
Raymond James Financial’s asset management unit reported pre-tax income of $33.4m for the fiscal first quarter of 2016, down 16% from $39.7m in the prior year’s fiscal first quarter.
Revenues from asset management unit were $100.2m, an increase of 1% versus $99.6m a year ago.
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By GlobalDataFinancial assets under management at the unit stood at $67.9bn, up 2% compared to a year earlier. This rise was due to growth in the Private Client Group segment and increased utilization of fee-based accounts, but was largely offset by net outflows in Eagle Asset Management.
Overall, the group reported a net income of $106.3m, or $0.73 per diluted share, for the fiscal first quarter ended 31 December 2015, a decline of 16% from the year ago period.
Raymond James CEO Paul Reilly said: "While the acquisition of the US Private Client Services unit of Deutsche Asset and Wealth Management was just announced in December and there are still several quarters until closing, we have already met with the vast majority of the advisors and are extremely impressed by their professionalism, experience and similar values, including their commitment to putting clients first."
