The private client group of Raymond James Financial has reported a pretax income of $86.4m for the fiscal third quarter of 2015, an increase of 6% compared to the prior year quarter.
For the quarter ended 30 June 2015, the division’s net quarterly revenues were $892.2m, a 9% rise over the last year.
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The unit’s rise in revenue was largely driven by assets in fee-based accounts, which increased 11% over last year’s June to $186.2bn, representing 39% of the segment’s total client assets.
The segment’s total assets under administration climbed to $475.4bn, up 5% from the same quarter of last year.
Raymond James Financial’s asset management unit reported pre-tax income of $31.6m for the third quarter of fiscal year 2015, up 1% from the year ago period.
The revenues at asset management unit were $98.8m, an increase of 8% versus the fiscal third quarter of 2014.
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By GlobalDataOverall, the company reported a net income of $133.2m for the fiscal third quarter ended 30 June 2015, up 9% from $122.7m a year ago.
The group reported quarterly net revenues of $1.32bn, a 9% increase over the prior year’s fiscal third quarter.
Raymond James CEO Paul Reilly said: "We continue to benefit from very robust financial advisor retention and recruiting results, which has helped us achieve quarter-end records for both client assets under administration and financial assets under management."
