Raymond James earnings get boost from private equity sale
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- Margie Manning
- Quality and Content Editor- Tampa Bay Business Journal
- Email | Facebook | Twitter | Google+
Profit jumped 31 percent for the just-ended fiscal year at Raymond James Financial Inc.
The St. Petersburg-based financial firm — one of the largest public firms in Tampa Bay — reported net income of $480.2 million, or $3.32 a share, for the 12 months ended Sept. 30, compared to net income of $367.2 million, or $2.58 a share, for the year-ago period.
Total revenue was a fraction under $5 billion for fiscal 2014, an 8 percent gain from a year earlier. Revenue for the just-ended year included $74 million related to the sale of a private equity investment, a statement said.
Strong growth in client assets helped boost results in the Private Client segment, which provides securities transactions and financial planning services. Growth in client assets was driven by market appreciation and high levels of financial advisor recruiting, with fiscal 2014 being the firm's second-best year for recruiting, Paul Reilly, CEO, said in the statement.
Raymond James (NYSE: RJF) had 6,265 total financial advisors as of Sept. 30, compared to 6,197 on the same day a year earlier.
Margie Manning is Quality and Content Editor of the Tampa Bay Business Journal. She also covers banking, finance and professional services.
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