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.
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