The private client group of Raymond James Financial has reported a pretax income of US$71.5 million for the first quarter of fiscal 2014, an increase of 34% compared to a year ago period.
Net revenues were US$776.7 million, up 9% from prior year’s first quarter.
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The segment’s assets under administration (AuA) reached a record US$423 billion, up 14% from prior year’s first quarter.
Record results in the Private Client Group segment were driven by increased advisor productivity and a continued focus on optimizing margins.
The segment’s fee-based assets reached US$151 billion and represented 36% of total AuA in the segment, up from 32% in the prior year’s first quarter.
"We continue to retain and attract high quality financial advisors to our multiple affiliation platforms," said CEO Paul Reilly, "and we are excited about our recruiting pipeline for 2014."
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By GlobalData
