Reviewing our segment results, the Private Client Group, our largest business, generated record net revenues of $8.7 billion, an increase of 12% over fiscal 2022, and record pre-tax income of $1.8 billion, a 71% increase over 2022. Record net revenues were driven by the benefit of higher short-term interest rates on Raymond James Bank Deposit Program (RJBDP) fees and net interest income. Fiscal 2023 concluded with PCG assets under administration of $1.2 trillion and PCG assets in fee-based accounts of $683 billion, up 16% and 17%, respectively, compared to the end of fiscal 2022. In addition to higher equity markets, client assets were boosted by strong net inflows, which included robust domestic PCG net new assets of $73 billion, or 7.7% of beginning-of-period assets, driven by strong financial advisor retention and recruiting results.
We ended the year with over 8,700 financial advisors affiliated with the firm. Despite a competitive environment, our regrettable attrition remained extremely low at around 1% in fiscal 2023. Meanwhile, financial advisors with approximately $250 million of trailing 12-month production and approximately $38 billion of assets at their prior firms joined Raymond James’ domestic employee and independent contractor channels during the year. Our recruiting pipeline is strong across all affiliation options as our client-first values, leading technology, and product offerings continue to resonate with current and prospective advisors.
The Capital Markets segment results were weak given the extremely challenging market environment. The segment generated net revenues of $1.2 billion, down 33% compared to prior-year results, and a pre-tax loss of $91 million. Heightened market volatility and geopolitical concerns throughout the fiscal year reduced investment banking activity levels across the industry. Further, compensation expenses were more fixed due primarily to growth investments and deferred compensation amortization owing to very strong M&A and advisory results the preceding two years. Despite weak investment banking results, we are encouraged by improvement in our fiscal fourth quarter, and importantly, believe we are well positioned long-term with our continued investment in our people and platform.
Fixed income brokerage revenues decreased due to lower levels of client activity, particularly with small
- and mid-sized depositories, as these clients are experiencing declines in deposits and have less cash available to invest in securities. We hope that when interest rates and cash balances stabilize, this business will begin to see improved results. SumRidge Partners, in its first full year as part of Raymond James, generated strong results as its technology-enabled corporate trading business thrives on rate volatility. While headwinds exist for our traditional fixed income brokerage activity, we expect SumRidge Partners to continue to enhance our position in the rapidly evolving fixed income and trading technology marketplace.
The Asset Management Group generated net revenues of $885 million, which decreased 3%, and pre-tax income of $351 million, which decreased 9% compared to fiscal 2022. Financial assets under management ended the year at $196.4 billion, representing a 13% increase year-over-year, driven by strong net inflows in fee-based accounts in the Private Client Group and net inflows at Raymond James Investment Management, as well as market appreciation over the prior year.
Bank segment record net revenues of $2.01 billion increased 86%, while pre-tax income of $371 million decreased 3% compared to fiscal 2022. Despite strong growth in net revenues driven primarily by higher short-term interest rates and incremental revenues from TriState Capital Bank, pre-tax income declined primarily due to higher RJBDP fees paid to the Private Client Group, largely resulting from rising interest rates, along with a higher bank loan provision for credit losses. Launched in March 2023, the Enhanced Savings Program offers clients a competitive rate and robust FDIC insurance for deposits at a time when clients were seeking safe, higher-yielding alternatives. The program grew rapidly to $13.6 billion by fiscal year-end, providing an important source of diversified funding to the firm as domestic cash sweep balances declined throughout the year. Net bank loans increased 1% to $43.8 billion, driven primarily by the growth of residential mortgage loans to Private Client Group clients. Reflecting higher short-term interest rates and the relatively high concentration of floating-rate assets, the Bank segment’s net interest margin (NIM) increased 89 basis points during the fiscal year to 3.28%. The credit quality of the loan portfolio remained strong, with criticized loans as a percent of total loans held for investment ending the fiscal year at 1.17%, up slightly from 1.14% in September 2022. The bank loan allowance for credit losses as a percent of total loans held for investment was 1.07%, and the bank loan allowance for credit losses on corporate loans as a percent of corporate loans held for investment was 2.03%. In its first full year with Raymond James, TriState Capital Bank contributed excellent results largely driven by the benefit of higher short-term interest rates. We remain focused on fortifying the balance sheet in our Bank segment with diversified funding sources and prudently growing assets to support client demand.