UPDATE 1-Raymond James profit jumps on higher asset management revenue
(Adds details from financial results)
By Elizabeth Dilts
July 23 (Reuters) - Brokerage and investment bank Raymond James Financial Inc said on Wednesday its quarterly profit jumped 46 percent from last year, driven by growth in its asset management business.
The St. Petersburg, Florida-based company reported net income rose to $122.69 million, or 85 cents per share, for the fiscal third quarter ended June 30, from $83.86 million, or 59 cents per share, a year earlier.
Quarterly net revenue rose to $1.21 billion, a 9.5 percent increase from last year. Net asset management revenue grew 19 percent to $91.22 million, helped by market appreciation and positive net flows.
Analysts on average had expected earnings of 72 cents per share on revenue of $1.18 billion, according to Thomson Reuters I/B/E/S.
Raymond James said it added 49 advisers during the quarter. It had 6,251 total financial advisers at the end of June.
The greatest number of advisers, 32, were added to the firm's independent broker-dealer channel where advisers own their own businesses. The firm added 17 advisers to its traditional retail branch.
Tash Elwyn, president of Raymond James & Associates Private Client Group, said the firm has been ramping up recruiting and is on track to see its best year in terms of hiring more advisers with a strong track record of generating revenue than any year since the global financial crisis in 2008 and 2009. (Additional reporting by Avik Das in Bangalore; Editing by Joyjeet Das, Bernard Orr)