Raymond James’ private client group saw revenue rise, but profits decline in the fourth quarter as difficult equity markets, a “root” of Raymond James’ business, as well as higher compensation expenses from the ongoing incorporation of Morgan Keegan, hampered earnings.

Revenue increased 26% since to $553 million from a year earlier. While that number rose 1% from $685 million last quarter, net income fell to $50.4 million from $63.8 million last year and $64.3 million last quarter.

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