RJF - Raymond James client AUM declined 2% in August amid lower equity markets

• Raymond James Financial's ( NYSE: RJF ) client assets under administration decreased 2% to $1.16T during the month of August, and declined 4% from a year earlier.
• "Advisor retention and recruiting remain strong, although client assets declined primarily due to the lower equity markets. As expected, clients’ domestic cash sweep balances decreased in August and have declined further in September predominantly due to client cash sorting activity," said Chair and CEO Paul Reilly.
• Private Client Group AUA declined to $1.11T as of August 31, down 2% M/M and 3% Y/Y.
• Private Client Group assets in fee-based accounts were $626.9B at August 31, 2022, down 3% from July 31, 2022 and down 3% Y/Y.
• Bank loans, net, were $42.8B, up 1% from a month earlier and 71% higher than a year ago.
• Clients' domestic cash sweep balances of $68.8B at the end of August slipped 5% M/M and increased 5% Y/Y.

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