Record Net Revenue
Raymond James Financial reported record net revenues of $3.54 billion for the first fiscal quarter, representing a 17% increase over the prior year and a 2% rise sequentially.
Strong Asset Growth
Total client assets under administration increased 14% year-over-year to $1.56 trillion. RCS division assets were up 28% year-over-year.
Investment Banking and M&A Success
Capital Markets net revenues grew 42% year-over-year due to higher M&A revenues. This quarter marked the second best for M&A revenues and the third best for investment banking revenues.
Asset Management Segment Record
The Asset Management segment generated record pretax income of $125 million on record net revenues of $294 million.
Strong Recruitment Pipeline
Raymond James recruited financial advisors with approximately $318 million of trailing 12-month production and $51 billion of client assets at previous firms over the past 12 months.