The private client group of Raymond James Financial has reported a pretax income of $92.7m for the fiscal first quarter of 2015 ended 31 December 2014, an increase of 30% compared to the prior year’s fiscal first quarter.
The division’s net quarterly revenues were $845.2m, an 8% rise over the last year.
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The segment’s assets in fee-based accounts jumped 4% to $173.9bn, which represented 37.9% of total client assets in the segment. In addition, the segment’s client assets grew to $459.1bn driven by market appreciation and strong financial advisor retention and recruiting results.
The private client group has posted a 7% rise in securities commissions and fees compared to the prior year’s first quarter.
Raymond James Financial’s asset management unit reported pre-tax income of $39.8m for the first quarter of fiscal year 2015, up 25% from a year ago.
The revenues at asset management unit were $99.6m, an increase of 4% from the prior year’s first quarter due to increasing asset levels and $5.1m in annual performance fees. The increase in assets under management was driven by positive net sales and market appreciation.
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By GlobalDataRaymond James CEO Paul Reilly said: "More importantly, we continued to deliver on our long-term growth objectives, adding 71 financial advisors during the quarter while also achieving new quarterly records for client assets under administration, financial assets under management, and net loans."
