Raymond James Financial, Inc. has reported its operating data for July 2024, showing significant changes in key performance metrics compared to the same period last year and the preceding month. The company reported record client assets under administration, reaching $1.5046 trillion, which represents a notable 15% increase from July 2023 and a 2% increase from June 2024.
Within the Private Client Group, assets under administration also saw a 15% increase from the previous year, reaching $1.4440 trillion, while assets in fee-based accounts increased by 17% to $839.4 billion. Financial assets under management rose to $234.9 billion, marking a 15% increase from July 2023.
The report also indicated a 5% increase in bank loans, netting $45.6 billion. However, clients' domestic cash sweep and Enhanced Savings Program balances saw a slight decline of 3% compared to the same period last year, reaching $56.0 billion.
In terms of commentary, Chair and CEO Paul Reilly attributed the record client assets under administration to strong advisor retention and recruiting, as well as equity market appreciation. Reilly also noted a slight decline in clients' domestic cash sweep and Enhanced Savings Program balances from the preceding month, partially offset by cash inflows.
Additionally, Reilly highlighted improved investment banking results in July, with a healthy pipeline, although the timing of closings remains uncertain.
Raymond James Financial, Inc. is a leading diversified financial services company, providing private client group, capital markets, asset management, banking, and other services to individuals, corporations, and municipalities. The company has approximately 8,800 financial advisors and is listed on the New York Stock Exchange under the symbol RJF. The market has reacted to these announcements by moving the company's shares 0.2% to a price of $115.79. If you want to know more, read the company's complete 8-K report here.
