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June 23, 2011 at 02:43 PM
Despite challenging market and economic conditions, Raymond James Financial said Wednesday that its 5,300-plus financial advisors had a strong improvement in their recent fees and commissions.
“May operating results were vibrant despite a choppy market,” said CEO Paul Reilly, left, in a press release. “Securities commissions and fees were up 15% over last year’s May and up 2.4% over last month.”
Total assets under administration grew 20% year over year to $282 billion in May 2011, though they were flat vs. April 2011. And assets under management were up 30% year over year to $36.9 billion.
“Although the market suffered declines in late May, the combination of a significant percentage of our assets on advance billings and strong net inflows of client assets kept our operating metrics stronger than the market,” explained Reilly. “The Howe Barnes acquisition alone added $1 billion to our assets under administration.
