Stifel Financial Corp. (NYSE: SF) has reported its operating data for February 2024, revealing significant growth in total client assets. The company's total client assets as of February 29, 2024, reached a record $457.9 billion, marking a 14% increase from the previous year and a 3% increase from January 31, 2024.
Moreover, fee-based client assets also surged to a record $172.1 billion, indicating a substantial 16% increase from the prior year and a 3% increase from January 31, 2024. Specifically, the Private Client Group fee-based client assets soared to $151.3 billion, reflecting a 16% increase from the previous year and a 3% increase from January 31, 2024.
However, the net bank loans witnessed a decrease, amounting to $19.6 billion, representing a 6% decline from the previous year. Client money market and insured products, which include Sweep deposits, Smart Rate deposits, Third-party Bank Sweep Program, and Other Sweep cash, also experienced a 2% decrease from the prior year, reaching $26.3 billion.
Stifel's Chairman and Chief Executive Officer, Ronald J. Kruszewski, attributed the growth in total client assets to strong equity markets and financial advisor recruiting. He highlighted the company's achievement of a record $172 billion in fee-based assets, driven by the positive market environment and recruitment efforts.
While the investment banking environment showed signs of improvement, Kruszewski acknowledged that deal closing delays continue to pose challenges for the business.
Stifel Financial Corp., headquartered in St. Louis, Missouri, operates its banking, securities, and financial services business through various wholly-owned subsidiaries, serving clients in the United States, Canada, and the United Kingdom and Europe.
As a result of these announcements, the company's shares have moved 1.0% on the market, and are now trading at a price of $77.43. For more information, read the company's full 8-K submission here.
