The private client group of Raymond James Financial has reported a pre-tax income of $83.2m for the fiscal second quarter ended 31 March 2016, a 10% increase compared to $75.4m in the year-ago quarter.
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The unit’s net revenues were $880.2m, a 1% rise from $870.5m in the prior year. Its total assets under administration stood at $485.6bn, up 3% from $471.1bn a year ago.
The division’s financial advisors increased by 381 to 6,765 during the period, the company said in its earnings statement.
The company’s asset management arm posted a pre-tax income of $31.1m, essentially flat compared to $31m a year earlier.
The unit’s net revenues increased 3% year-on-year to $96.8m from $94m. Financial assets under management at the unit stood at $68.8bn, a 1% decline from the prior year.
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By GlobalDataOverall, the group reported a net income of $125.8m, an 11% rise from $113.4m in the previous year.
Raymond James CEO Paul Reilly said: "Considering the extremely challenging market environment, we are pleased with the solid results we generated in the first half of the fiscal year, which reinforce the value of our diversified business model and long-term focus on serving our clients.
"The records we achieved for client assets under administration, the number of Private Client Group financial advisors and net loans at Raymond James Bank bode well for results in the second half of the fiscal year."
