(Adds details from financial results)
By Elizabeth Dilts
July 23 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
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)