Raymond James (RJF) advisors helped the company boost its fees and commissions to close to $250 million, a jump of 8% from its July results and 31% over year-ago results, the company said late Wednesday.
“August showed solid operating metrics in most of our businesses,” said CEO Paul Reilly (left) in a press release.
The company noted that its 8% month-over-month increase “compares well to the S&P 500 index, which was up 2% in August, [and ] the Private Client Group and Fixed Income were responsible for the growth in this area.”
Raymond James’ assets under administration grew to $383 billion, up 1% from July. Assets under management expanded 2% to $42 billion. In addition, bank loans expanded 1% in August to $8 billion.
Asset under administration grew 42% in August vs. year-ago results. Like the year-over-year jump in fees and commissions, this increase is largely due to the acquisition of Morgan Keegan in April.
The company also says that its fixed-income operations had “a strong rebound” in August, but equity capital markets “continues to be challenged” and saw its business drop in August, after weakening in July.
“The Morgan Keegan integration remains on track as we continue to meet or exceed our internal benchmarks,” it added in a statement “September to date has provided a positive start for all of our businesses, but the near-term outlook remains uncertain as we near the U.S. elections.”
Raymond James includes more than 6,000 advisors in the United States, Canada and the United Kingdom with about $380 billion in assets.
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