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Raymond James sees $1 trillion in client assets — again

The St. Petersburg company also made an offer on a smaller outfit in England.
St. Petersburg's Raymond James Financial valued its assets at more than $1 trillion for the third straight quarter.
St. Petersburg's Raymond James Financial valued its assets at more than $1 trillion for the third straight quarter. [ Tampa Bay Times ]
Published Jul. 30

Raymond James Financial in St. Petersburg posted strong growth in quarterly earnings this week and a plan to expand in England.

The financial services company “achieved record results for the first nine months of the fiscal year,” chairman and CEO Paul Reilly said in a statement released Wednesday. That includes upping the total amount of money it oversees — known as assets under administration — to $1.17 trillion. Assets overseen by its private client group, which accounts for two-thirds of Raymond James’ revenue, sits at $1.1 trillion.

The value of the investments managed by advisers also increased slightly from March to a record high of $191 billion. Its head count of financial advisers is up to 8,413.

All told, Raymond James, one of the largest public companies in Tampa Bay, reported net revenues of $2.47 billion and net income of $307 million, a company record.

It’s the third straight quarter that Raymond James has valued its assets at more than $1 trillion — a significant leap from its earnings a decade ago. Then, its assets under administration were around $250 billion.

The firm first crossed the trillion-dollar milestone in December.

Raymond James capitalized on the growth soon after by making an offer to acquire UK-based Charles Stanley Group for $387 million.

Raymond James Financial chief executive officer Paul Reilly
Raymond James Financial chief executive officer Paul Reilly [ Raymond James Financial ]

The small firm will bring Raymond James’ total client assets in England to more than $55.5 billion dollars, according to a news release. Charles Stanley would continue operating as a separately branded firm if the deal goes through.

“We have long admired Charles Stanley’s reputation, heritage and its talented pool of wealth managers and professionals,” Reilly said in a statement. “The two firms share a common, and increasingly rare, client-centric approach.”

Another London private-equity advisory firm, Cebile Capital, agreed to be acquired by Raymond James in May. More than half of Cebile employees are women or minorities.

Raymond James expects to close the acquisition in the fourth quarter of 2021, Reilly said.