Raymond James Financial has posted a net income of US$122.7 million for the fiscal third quarter ended 30 June 2014, a surge of 46% compared to US$83.86 million a year ago.
The St. Petersburg, Florida-based company reported net revenues of US$1.2 billion, a 9% increase over the prior year’s fiscal third quarter.
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Net asset management revenue grew 19% to US$91.22 million, helped by market appreciation and positive net flows.
Private Client Group
Raymond James Financial’s private client group logged pretax profit of US$81.5 million in the firm’s third fiscal quarter, a 39% increase over the same period last year.
The division’s total assets under management climbed to US$454 billion, a 17% increase from the year-ago period. Approximately US$168 billion of those assets were in fee-based accounts, up nearly 28% from the same quarter last year.
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By GlobalDataCompared to the prior year’s June, assets in fee-based accounts jumped 27.5% to US$168 billion, helping the segment’s recurring revenues grow to over 70% of the segment’s total revenues.
In addition, Raymond James said strong recruiting and retention of veteran advisers helped push assets under management higher.
Raymond James said it added 49 advisers during the quarter. It had 6,251 total financial advisers at the end of June globally, including operations in Canada and the UK.
Tash Elwyn, president of Raymond James & Associates Private Client Group, said the firm has been ramping up recruiting and is on track to see its best year in terms of hiring more advisers with a strong track record of generating revenue than any year since the global financial crisis in 2008 and 2009.
