Stifel Financial Corp.’s global wealth management business provided a positive boost to the company’s first quarter results, the firm said Monday, as its institutional group business’s revenue dipped from the fourth quarter.

Stifel’s global wealth management business posted $238.4 million in net revenue for the first quarter, up from $199.4 million from the same period one year ago. Those results were due to larger commission revenue with increased client assets and productivity, as well as growth in asset management and service fees and equity underwriting sales credits, the firm said. Global wealth management revenue was a slight increase from its $236.4 million for the fourth quarter.

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