Raymond James reported fiscal first quarter net revenues of $3.74 billion, a 6% increase year-over-year, driven by record client assets under administration of $1.77 trillion. Net income available to common shareholders was $562 million, or $2.79 per diluted share, while adjusted net income excluding $15 million of acquisition-related expenses reached $577 million, or $2.86 per diluted share. Annualized return on common equity was 18.0% and annualized adjusted return on tangible common equity was 21.4%.

The Private Client Group generated record quarterly net revenues of $2.77 billion, up 9% from the prior year and 4% sequentially. Assets under administration climbed 15% to $1.71 trillion, with fee-based accounts rising 19% to $1.04 trillion. Domestic net new assets totaled $30.8 billion, representing annualized growth of 8.0%. Despite lower short-term interest rates weighing on interest revenue, pre-tax income of $439 million was only 5% below last year’s level thanks to robust asset-management fees.

Capital Markets net revenues declined 21% year-over-year to $380 million, with investment banking revenues down 37% due to the timing of M&A and underwriting closings. Pre-tax income in the segment fell to just $9 million. Affordable housing investments also produced lower revenues than in the seasonally strong prior quarter. At the enterprise level, continued investments in technology and integration of recent acquisitions contributed to higher operating expenses, partially offsetting revenue gains.

CEO Paul Shoukry highlighted a long-term focus on organic growth, technology enhancements and targeted acquisitions such as the Clark Capital deal to expand the firm’s multi-boutique asset-management platform. The board increased the quarterly dividend by 8% and authorized $2 billion in share repurchases, of which $400 million was executed during the quarter. Securities-based loans rose 28% year-over-year to $21.7 billion, reflecting strong demand for leveraged wealth-management solutions.