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November 21, 2012 at 06:40 AM
Raymond James Financial (RJF) said Wednesday its fees and commissions fell slightly in October from the previous month. Total production of its 6,300-plus advisors, though, was up substantially over October 2011, largely due to the integration of the acquired Morgan Keegan reps, it noted.
“October showed reasonably good metrics in light of a tepid market, which was additionally impacted by Hurricane Sandy and the resultant loss of two trading days,” said CEO Paul Reilly (left), in a press release.
Securities commissions were $244.2 million: down 2.8% in October from September, but up about 46% from the year-ago period. October 2012 commission volume, the company says, was affected by a small decrease in the results of its Private Client Group and by a “more significant decline” in the Capital Markets segment.
Asset levels, however, “remained strong” despite the fact that the S&P 500 index was down 2% in October, the company says. Total client assets under management actually declined 0.07% in October vs. September to $387.7 billion; client AUM was up about 43% from last year.
