Stifel Financial’s Global Wealth Management (GWM) segment generated pre-tax operating income of $69.5 million for the first quarter ended 31 March 2013, compared with $68.8 million in the year ago quarter.
The division’s revenues for the quarter were $267 million, compared with $247.6 million in the first quarter of 2012. The company attributed the increase in net revenues primarily to an increase in commission revenues and growth in asset management and service fees.
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The Private Client Group reported net revenues of $243.1 million, a 5% increase compared with both the first quarter of 2012.
Total client assets at the end of the quarter were $147.12 billion, up 13% from $130.55 billion at the end of the year-ago period.
Overall, Stifel Financial group reported a 58% decline in profit for the first quarter as merger-related expenses offset higher revenues. Adjusted earnings for the quarter were $39.9 million or $0.58 per share. Revenues grew 10.4% to $441.8 million from $400.3 million last year.
Ronald Kruszewski, chairman, president and CEO of Stifel, said: "We are pleased with our performance for the quarter, which included record net revenues. While our profitability is clouded by merger-related charges, it is noteworthy that our Global Wealth Management segment posted record revenue and profitability, and our Institutional segment generated record quarterly revenue."
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