Stifel Financial ( NYSE: SF ) said Thursday its total client assets stood at $399.63B at November 30, up 4.5% sequentially, helped by strong performance of its wealth management business, improved equity markets and financial advisor recruiting.
But that figure was 5.3% lower Y/Y as markets continue to trade t a lower level than a year ago.
Fee-based client assets were $148.90B, up 4.7% from October but down 5.1% from the year earlier.
Private client group fee-based client assets amounted to $130.7%B vs. $136.62B in November 2021 and $124.85B at October 31.
"Client cash balances increased 2.1% and continued to increase month-to-date in December, driven by net inflows. M&A pipelines remain strong, but delays in closing will result in lower than anticipated advisory revenue in the quarter and lower activity levels in rates business will negatively impact our fixed income transactional business," said CEO Ronald Kruszewski.
Net bank loans surged 37.5% Y/Y to $20.84B, but were down 1.6% sequentially.
Earlier in the day, Stifel ( SF ) said it will acquire Torreya Partners, an independent M&A and private capital advisory firm in the global life sciences space .
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Stifel Financial client assets in November improve sequentially