RJF - Raymond James client AUA rises 5% M/M slips 1% from a year ago

• Raymond James Financial ( NYSE: RJF ) saw its client assets under administration rise 5% M/M in November to $1.21T, but slip 1% from a year ago, the company said Wednesday.
• Clients' domestics cash sweep balances of $61.0B declined 4% from October and 11% from November 2021.
• "Clients' domestic cash sweep balances decreased in November, but cash sorting activity has decelerated in December," Chair and CEO Paul Reilly said. "In Capital Markets, despite a healthy pipeline, closings for investment banking continued to be challenged in November and are trending significantly below the preceding quarter."
• Financial assets under management were $191B at Nov. 30, up 5% from October and down 3% from November 2021.
• Net bank loans of $43.6B were essentially unchanged from the prior month and climbed 70% from a year earlier.
• Earlier this month, Raymond James Financial ( RJF ) acquired Solus Trust, to bolster its Canadian trust business.

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