July 22 (Reuters) – Raymond James Financial reported a rise in third-quarter profit on Wednesday, helped by strong performance in its capital markets unit.
Global M&A activity has remained resilient despite the Middle East conflict as some companies took advantage of an easier regulatory backdrop to pursue acquisitions.
Here are some details:
• The company’s private client group assets under administration rose 18% to record $1.86 trillion.
• Quarterly net revenue in the private client group unit increased 14% to $2.84 billion, driven by higher asset management and related administrative fees.
• “These results were anchored by continued strength in the private client group, where fee-based assets reached a quarter-end record of $1.15 trillion,” CEO Paul Shoukry said in a statement.
• Capital markets revenue increased 25% to $477 million, while total investment banking revenue climbed 40% to $285 million.
• Raymond James’ adjusted net income available to common shareholders rose to $620 million, or $3.14 per share, from $449 million, or $2.18 per share, a year earlier.
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Shilpi Majumdar)
