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August 23, 2012 at 10:00 AM
Raymond James Financial (RJF) said Wednesday that its fees and commissions rose in July compared with last year’s results, but were down slightly from June. Assets under administration increased both sequentially and year over year.
Total fees and commissions, which are generated both by the company’s private-client and institutional advisors, were $231.4 million in July. This is down about 3.3% from June but up about 28.6% from July 2011 (before the acquisition of Morgan Keegan).
As of June 30, the number of U.S.-based financial advisors was 5,487—up from 4,532 in the quarter ending March 31, before the Morgan Keegan deal wrapped up, and higher than 4,492 a year ago. Including reps in Canada and the U.K., Raymond James has 6,567 advisors.
“Although the S&P 500 index was up over 1.2% for the month of July, overall trading volumes in both the equity and fixed income markets were weak,” said CEO Paul Reilly (left) in a press release.
(The S&P 500 monthly return was 1.26% in July, compared to 3.96% in June and -2.15% last year.)
The company says its Private Client Group continues “to perform reasonably well.” Assets under administration grew 1% during the month and hit to a record $379 billion. Total assets in June were $376 billion; they were $271 billion in July 2011.
At end of the June 30 quarter, total PCG client assets were $356 billion, down about 1.5% for the quarter, reflecting the 3.3% drop in the S&P 500. Revenues for the group were close to $685 million, a 23% jump from last year and a 21% increase from the previous quarter.
