First quarter 2013 pretax operating margin was 12.9% compared to 9.9% a year ago. Operating net revenues increased 7% to $1 billion driven by record retail client net inflows and market appreciation.
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The division’s operating expenses increased 3% to $887 million, primarily reflecting higher distribution expenses associated with business growth.
During the qiaurter, total retail client assets grew 11% to $372 billion and operating net revenue per advisor increased 9. Mutual fund wrap net inflows increased 41% to $4.1 billion.
Asset Management
Asset Management pretax operating earnings increased 10% to $144 million, driven by equity market appreciation and continued revenue and expense reengineering.
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By GlobalDataFirst quarter 2013 adjusted net pretax operating margin was 34.6% compared to 33.3% a year ago.
The unit’s operating net revenues increased 5% to $746 million, primarily driven by growth in assets from market appreciation and reengineering benefits, partially offset by the impact of net outflows as well as one fewer fee day than the year-ago quarter.
Total segment assets under management increased 1% from a year ago to $466 billion, reflecting market appreciation, partially offset by net outflows and the impact of foreign exchange.
Asset Management net outflows of $5.7 billion in the quarter were driven by net outflows in institutional portfolios, while retail net flows were essentially flat.
