Stifel Financial reports August total client assets $489.24B

Stifel Financial reported selected operating results for August 31. Reports August fee-based client assets $187.34B. Reports August private client group fee-based client assets $163.82B. Reports August bank loans $20.32B. Reports August client money market and insured product $26.5B. Ronald Kruszewski, chairman and CEO, said, “Total client assets and fee-based assets increased 15% and 20%, respectively, from the same period a year ago, due to solid recruiting and market appreciation. Client money market and insured product balances increased 1% month-on-month, driven by growth in both Smart Rate and Sweep balances as cash sorting further slows. We continue to anticipate stronger investment banking revenue in the second half of the year versus the first half as activity levels increase. However, both the timing of deal closings and market volatility continue to impact revenue.”