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Stifel Financial Corp. (NYSE:SF) saw its total client assets advance just 0.2% to $406.6B in April from a month ago and 3% year-over-year, the investment bank and financial services company said Wednesday.
The modest M/M rise was mostly due to equity market appreciation, said Stifel Chairman and CEO Ronald J. Kruszewski, noting total client cash dipped 3% driven by seasonal tax payments.
Fee-based client assets of $149.6B at the end of April was virtually unchanged from the prior month and rose 1% from April 30, 2022.
Private Client Group fee-based client assets came in at $131.3B, down slightly from $131.5B at March 31 and up from $130.1B a year ago.
Bank loans, net (including loans held for sale) was $20.9B, down 0.4% M/M and up 12% Y/Y.
Client money market and insured product of $25.2B fell 3% M/M and 8% Y/Y.
"We continued to see the benefits of our client cash initiatives as both Smart Rate & money market mutual fund balances increased in April," Kruszewski added. "Additionally, cash sorting activity has slowed in May. Our institutional business continues to face headwinds as decreased volatility has pressured the equity business and investment banking activity remains subdued."