Raymond James Financial : reports January 2015 operating data

February 18, 2015

ST. PETERSBURG, Fla. - In an effort to provide timely information to investors about general trends in our major business segments, we are releasing selected operating data for January 2015. Due to the limited nature of this data, a consistent correlation to earnings should not be assumed.

Total securities commissions and fees of $285 million in January 2015 increased 4.9 percent compared to last January and 2.4 percent compared to December 2014. The sequential increase in total securities commissions and fees was largely attributable to the one-time mutual fund commission adjustment of $10 million in December.  Excluding this adjustment, PCG was up slightly and underwriting-related commissions in the Capital Markets segment declined in January following a very strong December.

Client assets under administration of $479.5 billion were up 8.8 percent compared to last January but declined 0.7 percent compared to the preceding month, as the S&P 500 declined 3.1 percent during the month. Similarly, financial assets under management of $66.1 billion increased 11.5 percent compared to last year's January but declined 0.9 percent compared to December 2014. Despite the negative impact from the equity markets during the month, client asset levels continue to benefit from robust financial advisor recruiting and exceptional retention.

"As predicted, January was a very challenging month for the Capital Markets segment, as the combination of a seasonally slow start to the calendar year and a moribund energy sector depressed investment banking results," said CEO Paul Reilly. "While both underwriting and merger and acquisitions activity remain reasonably robust, the expected timing of many of the transactions in the pipeline is uncertain."

Total net loans at Raymond James Bank of $11.8 billion grew 22.9 percent over last January and were essentially flat compared to the preceding month.

"Despite a soft start to the calendar year, we remain excited about the growth potential in all of our businesses," explained Reilly.

(1)  Includes all securities commissions and fees generated by our financial advisors, both private client and institutional.

(2)  This is the primary revenue driver for the asset management segment. Investment advisory fees are based on a percentage of assets at either a single point in time within the quarter, typically the beginning or end of a quarter, or the "average daily" balances of assets under management.