Revenues and profit rose at the US-headquartered wealth management group, which operates in a number of countries.

Raymond James, the US wealth management group, this week said that net revenues in the three months ending June 30 rose 7 per cent year-on-year to $2.91 billion. Net income attributable to common shareholders was $369 million, rising 23 per cent.

The St Petersburg (pictured), Florida-based firm said its rise in net income was mainly due to higher net interest income and fees from third-party banks which were partially offset by elevated provisions for legal and regulatory matters.

The firm said it logged record private client group assets under administration of $1.23 trillion, rising 15 per cent compared with June 2022 and 5 per cent over March 2023.

In fee-based accounts, there were record private client group assets of $697.0 billion, up 15 per cent compared with June 2022 and rising 5 per cent over March this year, it said.