Wealth management is running strong at Stifel, as the firm reported pretax profits at the division rose 24% over a year ago.
First quarter profits for Stifel's advisory business rose to $99 million from $79 million for the same period a year ago. Net revenues rose to a record $329 million, up more than 10% from $297 million. The firm said that the strong performance was driven by a higher number of fee-based accounts.
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