In an effort to provide timely information to investors about general trends in its major business segments, Raymond James is releasing selected operating data for May 2014. Due to the limited nature of this data, a consistent correlation to earnings should not be assumed. Total securities commissions and fees of $270.4M declined 0.3% compared to last year’s May, which had one more trading day, and increased 0.7% over the preceding month. Modest increases in the Private Client Group segment have been essentially offset by reduced commissions in both the Fixed Income and Equity Capital Markets divisions. Client assets under administration reached a record $470.2B, a 13.9% and 1.8% increase over the prior year’s May and preceding month, respectively. Financial assets under management of $63.3B also reached a new record in May, growing 20.1% over last year’s May and 1.8% over the preceding month. “Client assets under administration, financial assets under management, and securities commissions and fees in the Private Client Group segment are benefiting from market appreciation and near-record levels of advisor recruiting activity, which has resulted in record levels of average production,” explained CEO Paul Reilly. “Meanwhile, stubbornly low interest rates and subdued market volatility continue to depress results in the Fixed Income division of the Capital Markets segment.” Raymond James Bank grew net loans to a record $10.4B, a 23.8% increase over the prior May and a $100M increase for the month. Thhe company added, "Despite an active lending environment, net loan growth at the Bank has decelerated from the first two quarters of the fiscal year due to fewer corporate loan origination opportunities meeting our conservative underwriting criteria."
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