Operating net revenues were $2.4 billion in the second quarter of 2010, up 27 per cent from a year ago, driven primarily by growth in asset-based management fees and distribution fees resulting from higher asset levels and increased client activity, the firm said in a statement yesterday.

Higher asset levels reflected market appreciation, the acquisition of Columbia Management and retail net inflows, it said.

Total owned, managed and administered assets were $600 billion at 30 June 2010, up 51 per cent from a year ago, including $166 billion in acquired assets. Excluding the acquisition, growth was driven by year-over-year market appreciation and retail net inflows, the firm said.

Total client assets increased 12 per cent year-over-year reflecting market appreciation, retail net inflows and strong client and asset retention. Advisor productivity, measured as operating net revenue per advisor, increased by 32 per cent compared to a year ago, matching an all-time high.

The firm's total roster of advisors declined 7 per cent from a year ago to 11,684, primarily due to the departure of low-producing advisors. Franchise advisor retention rates remain strong, the firm said.