Raymond James' CEO Paul Reilly Bloomberg News On the back of its acquisition of Morgan Keegan, Raymond James Financial Inc. on Wednesday reported record net revenues for its fiscal year ended in Sept. 30 of $4.5 billion, up 18% from the prior year. The firm, home to 5,700 registered reps and advisers in the United States, also reported record annual net income of $367 million, an increase of 24% from the prior year.
After a slow start to the recruiting year, independent broker-dealer Raymond James Financial Services Inc. posted better net new adviser numbers in the second half of the fiscal year, finishing with 3,275 reps and advisers by the end of September. That's a net gain of 55 reps and advisers in the course of the year, a gain of almost 2%.
Raymond James & Associates, the employee broker-dealer that absorbed Morgan Keegan brokers earlier this year, suffered a net loss of 43 reps and advisers after combining the two securities businesses. Its headcount as of Sept. 30 was 2,443 reps and advisers.
“All four operating segments generated net revenues and earnings this year, which is a testament to the firm's conservative business model and our associates' unwavering focus on serving clients and advisers,” said CEO Paul Reilly, in a statement.
Private client group revenues for the year increased 18% to $2.9 billion. Pre-tax income in the private client group was up 7% to $230.3 million. The private client group is the largest of Raymond James' businesses, account for roughly two-thirds the firm's revenues. The other segments are: capital markets, asset management, and a bank.
Overall for the company, earnings reached $2.58 per diluted share, up 17% from $2.20 per diluted share in the prior fiscal year. Excluding $80 million in pre-tax charges for acquisition-related expenses and other items, net income would have been $2.95 per diluted share. The firm also reported record assets under administration of $425 billion, up 10% for the year, and record assets under management of $56 billion, up 31% for the year.
The results included a full year of Morgan Keegan business operations, which Raymond James acquired for $930 million in April 2012 from Regions Financial Bank.
Shares of Raymond James Financial closed Wednesday at $43.46, down 0.73%.
No comments:
Post a Comment