Stifel says total client assets down 2% for October-end from last month

Stifel Financial reported selected operating results for October 31, in an effort to provide timely information to investors on certain key performance metrics. Due to the limited nature of this data, a consistent correlation to earnings should not be assumed. Ronald J. Kruszewski, Chairman and Chief Executive Officer, said, “Total client and fee-based assets declined from the prior month’s levels due primarily to lower equity markets despite continued strength in recruiting. Client money market and insured product balances decreased 1% as growth in Smart Rate Balances was offset by declines in Sweep Balances. Overall, total client cash levels increased modestly from September due to growth in money market funds and short-term treasury balances.”