Raymond James Financial reported strong profits for the first quarter, with growth led by the companys asset management and private client group divisions.
Raymond James said that the asset management divisions pretax income jumped to $31 million from $20 million a year ago, a 52% increase. Assets under discretionary management surged 30%, rising to $60 billion from $46 billion. The companys private client group also posted strong growth, with pretax income rising to $71 million from $53 million, up 34%. The groups assets under administration grew 14%, increasing to $423 billion from $370 billion.
The headcount of financial advisors with Raymond James Financial Services grew slightly to 3,279 from 3,215, while the number of advisors with Raymond James Associates rose to 2,430 from 1,604 due to the addition of Morgan Keegans advisors last February.
Companywide, profits were up 36%, growing to $116 million from $85 million.
Raymond James stock price increased in 2013 from about $40 per share in January to about $52 at the end of the year, a 30% increase, outpacing the S&P 500s growth of about 26% over the same period.