RJF - Raymond James AUM slips 1% M/M in May amid market weakness

2023-06-21 16:55:24 ET

Raymond James ( NYSE: RJF ) registered financial assets under management of $192.7B in May, down 1% from April and up 5% from a year ago, the firm disclosed Wednesday in an SEC filing.

“Advisor retention and recruiting remained solid across our multiple affiliation options, however, client assets decreased compared to the preceding month driven primarily by declines in the broader equity markets in the month,” said Chair and CEO Paul Reilly. “While the pipeline is healthy, investment banking activity continues to be subdued in the current market environment.”

Similarly, client assets under administration of $1,230.7B edged down 1% from the prior month and gained 3% year-over-year.

Private Client Group assets under administration were $1,176.9B at May 31, down from $1,192.0B at April 30 and up from $1,131.8B at May 31, 2022.

Private Client Group assets in fee-based accounts came in at $664.9B compared with $671.7B in the previous month and $643.6B in the year-earlier period.

On a net basis, bank loans totaled $43.4B, down slightly from $43.5B at the end of April and up 49% from May 31, 2022.

For April, market gains helped boost Raymond James' client AUA by 2%.

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