ST. PETERSBURG, Fla. - In an effort to provide timely information to investors about general trends in our major business segments, we are releasing selected operating data for August 2017. Due to the limited nature of this data, a consistent correlation to earnings should not be assumed.
Total securities commissions and fees of $354 million were up 15 percent over August 2016 and 6 percent over July 2017. The growth was primarily attributable to the Private Client Group segment. While the flattening yield curve contributed to a significant decline in institutional fixed income commissions compared to August 2016, both institutional equity and fixed income commissions during the month were up compared to July 2017.
Record client assets under administration of $681.0 billion increased 22 percent compared to August 2016 and 1 percent compared to July 2017. Financial assets under management reached a record $93.9 billion, up 26 percent over August 2016 and 1 percent over July 2017. Client assets were lifted by growth in the number of financial advisors in the Private Client Group segment and equity market appreciation.
“Investment banking revenues were strong in August and activity remains robust,” said Chairman and CEO Paul Reilly.
Record net loans at Raymond James Bank of $17.0 billion were up 15 percent over August 2016 and 2 percent over July 2017.
“I am proud of our advisors and associates for successfully navigating the emergencies brought on by Hurricanes Harvey and Irma, and grateful for the support they have shown the firm and their communities. Our business continuity planning efforts proved effective during Hurricane Irma - we didn’t experience operational support issues during the storm and quickly resumed normal operations. The elevated expenses associated with business continuity protocol and the support provided to our associates and their communities will be reflected in the current quarter,” said Reilly.
About Raymond James Financial, Inc.
Raymond James Financial, Inc. (NYSE: RJF) 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 7,300 financial advisors in 3,000 locations throughout the United States, Canada and overseas. Total client assets are $681 billion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available at www.raymondjames.com.
Certain statements made in this press release may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions, demand for and pricing of our products, acquisitions and divestitures, anticipated results of litigation and regulatory developments or general economic conditions. In addition, words such as “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates,” “projects,” “forecasts,” and future or conditional verbs such as “will,” “may,” “could,” “should,” and “would,” as well as any other statement that necessarily depends on future events, are intended to identify forward- looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission (the “SEC”) from time to time, including our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, which are available at www.raymondjames.com and the SEC’s website at www.sec.gov. We expressly disclaim any obligation to update any forward-looking statement in the event it later turns out to be inaccurate, whether as a result of new information, future events, or otherwise.
(23 business days)
(23 business days)
|% Change||July 2017
(20 business days)
|Total securities commissions and fees (in mil.) (1)||$353.5||$306.6||15 %||$334.4||6%|
|Client assets under administration (in bil.)||$681.0||$556.2||22%||$676.6||1%|
|Private Client Group assets under administration (in bil.)||$647.7||$526.9||23%||$643.6||1%|
|Financial assets under management (in bil.) (2)||$93.9||$74.4||26%||$92.9||1%|
|Raymond James Bank total loans, net (in bil.)||$17.0||$14.8||15 %||$16.7||2%|
(1) Includes all securities commissions and fees generated by our financial advisors, both private client and institutional.
(2) This is the primary revenue driver for the asset management segment. Investment advisory fees are based on a percentage of assets at either a single point in time within the quarter, typically the beginning or end of a quarter, or the “average daily” balances of assets under management.