Raymond James Shares Drop After Reporting a Decline in Client Assets as Stock Prices Fell

By
Bill McColl
Bill McColl
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Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time.

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Published September 21, 2023
Raymond James office at One Sarasota Tower

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Key Takeaways

  • Raymond James said client assets under management fell 1% in August from July.
  • The company indicated the drop was caused by falling stock prices.
  • Shares of Raymond James declined following the news and were in the red for 2023.

Shares of Raymond James Financial (RJF) declined after the financial firm reported a drop in client assets under management (AUM) last month, which it blamed on falling stock prices.

The company reported total client AUM in August of $1.296 trillion, a 1% decline from July. Private Client Group assets under administration, Private Client Group assets in fee-based accounts, and financial assets under management all also dipped 1%.

CEO Paul Reilly said that “equity market declines during the month contributed to a modest decrease in client assets compared to July 2023.” The S&P 500 slid 1.8% during August.

Reilly noted that at the end of last month, Private Client Group assets under administration were up 12% from a year ago, which he credited to “solid advisor retention and recruiting across our multiple affiliation options.” Over that period, the S&P 500 gained 14%.

Raymond James Financial shares were down 3.3% as of 3 p.m. ET on Thursday following the news and were 2.9% lower year-to-date.

RJF

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  1. Raymond James Financial. "RAYMOND JAMES FINANCIAL REPORTS AUGUST 2023 OPERATING DATA ."

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