The private client group of Raymond James Financial has reported a pre-tax income of $87.7m for the fiscal fourth quarter of 2015, a decrease of 12% compared to $100m in the prior year quarter.
For the quarter ended 30 September 2015, the division’s net quarterly revenues were $899.8m, a 4% rise from $864.2m a year ago.
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The unit’s total assets under administration stood at $453.3bn, an increase of 1% compare to the same quarter a year ago.
Raymond James Financial’s asset management unit reported pre-tax income of $32.6m for the fiscal fourth quarter of 2015, down 8% from $35.2m a year ago.
The revenues at asset management unit were $99.8m, an increase of 5% versus $94.9m in the fiscal fourth quarter of 2014.
Financial assets under management at the unit stood at $65.2bn, up 1% compared to September 2014. These AuM were negatively impacted by net outflows and lower equity markets, as the S&P 500 declined 7% during the quarter.
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By GlobalDataThe company said record results in the private client group in fiscal 2015 were driven by strong growth in assets in fee-based accounts and a significant net increase in the number of financial advisors to a record 6,596.
Overall, the company reported a net income of $129.2m, or $0.88 per diluted share for the fiscal fourth quarter ended 30 September 2015, a decline of 5% from the year ago period.
"Our intense focus on serving financial advisors and their clients led to another record year of revenues and earnings in the Private Client Group segment," Reilly explained. "We continue to experience significant interest from prospective financial advisors who are attracted by our unique culture and robust platform."
"We remain committed to expanding the Asset Management segment’s product offering, both organically and through acquisitions," added Reilly. "Continued Private Client Group recruiting momentum also bodes well for growth in this segment."
