Raymond James reports October securities commissions, fees up 10% to $317M
Raymond James released select operating data for October. Total securities commissions and fees of $317M increased 10% compared to October 2015 and were essentially flat with September 2016. Securities commissions and fees in the month benefited from higher Private Client Group asset balances in fee-based accounts at the start of the quarter, which were partially offset by lower institutional fixed income commissions. Client assets under administration of $599.5B were up 19% over October 2015 but down 1% compared to September 2016, as the S&P 500 index declined 2% during the month. Financial assets under management of $75.6B increased 10% over October 2015 but declined 2% compared to September 2016. Total net loans at Raymond James Bank of $15.2B grew 16% over last year's October and were essentially flat compared to September 2016, as loan production was offset by elevated payoffs. The company noted that "in the Capital Market segment, investment banking revenues were soft in October following a very strong month in September, but activity levels remain robust... The transition of a new presidential administration always creates some uncertainty, which we expect will result in higher levels of market volatility over the next several months."