Results, as measured by revenues and income, improved across the US-listed firm's main business lines. It recently completed its purchase of Charles Stanley in the UK, adding $36 billion in client assets.

US-listed Raymond James, which has brought scores of wealth managers into its embrace over the past year, yesterday reported net revenues of $2.78 billion in the three months to December 31, rising 25 per cent over the prior year’s fiscal first quarter and 3 per cent over the preceding quarter.

The St Petersburg, Florida-based business said quarterly net income was $446 million, or $2.10 per diluted share, and quarterly adjusted net income was $451 million, or $2.12 per diluted share.

“Fiscal 2022 started off strong with record results this quarter, including net income growth of 43 per cent over the fiscal first quarter of 2021, driven by record asset management and related administrative fees and record investment banking revenues,” chairman and chief executive Paul Reilly, said. “Furthermore, we are well positioned entering the fiscal second quarter, with record client assets under administration of $1.26 trillion, record financial assets under management of $203.2 billion, record net loans at Raymond James Bank of $26.1 billion, and strong activity levels for both financial advisor recruiting and investment banking."

The firm’s private client group’s assets under administration reached $1.20 trillion, up 23 per cent over December 2020 and up by 8 per cent from September 2021.

Private client group assets in fee-based accounts stood at $677.8 billion, rising by 27 per cent over December 2020 and 8 per cent over September 2021, it said. 

Operating in a number of countries such as the UK and Canada, this month the firm closed the acquisition of UK-based Charles Stanley Group (see report here). Adding about $36 billion in client assets, together, Raymond James Investment Services and Charles Stanley serve clients in the UK with about $57 billion in client assets.

In its capital markets business, Raymond James said it recorded quarterly net revenues of $614 million, up 36 per cent from a year earlier. Quarterly pre-tax income was $201 million, up 56 per cent from the same three-month period a year earlier.

Within its asset management arm, quarterly net revenues stood at $236 million, up 21 per cent. 

The Raymond James Bank business logged quarterly net revenues of $183 million, up 10 per cent over the prior year’s fiscal first quarter and 4 per cent over the preceding quarter.