Exhibit 99.1
May 27, 2009 FOR IMMEDIATE RELEASE
RAYMOND JAMES FINANCIAL, INC.
REPORTS APRIL 2009 OPERATING DATA
ST. PETERSBURG, Fla. – In an effort to provide timely information to enable analysts and investors to stay better informed about the general trends in our major business segments, we are releasing selected operating statistics. Due to the limited nature of this data, a consistent correlation to earnings should not be assumed.
“Although comparisons of April commission/fee revenue results contrasted to last year were still down 23 percent, the market tone began to improve in April. In fact, comparisons to March were up slightly on a per-day basis,” said Chairman and CEO Thomas A. James. “Client assets under administration and assets under management both grew approximately 6 percent from the end of March, reflecting a better market. Underwriting activity grew materially from the preceding month to equal last year’s level. Renewed activity has continued in May, primarily related to REITs, energy MLPs and financial institutions seeking to add equity as conditions in the equity markets have become more receptive to new financings.
“Net interest spreads and revenues remained at high levels in the bank. As interest in the equity markets increases and corporations pay down their balances, Raymond James Bank has reduced its size somewhat, which it will continue to do through fiscal year-end in anticipation of receiving approval of its conversion to a national bank,” James continued.
“Although I expect continuing market and economic volatility, the stock market should improve by year-end as the general economy seems to be trying to make a bottom.”
Raymond James Financial (NYSE-RJF) is a Florida-based diversified holding company providing financial services to individuals, corporations and municipalities through its subsidiary companies. Its three principal wholly owned broker/dealers (Raymond James & Associates, Raymond James Financial Services and Raymond James Ltd.) and Raymond James Investment Services Limited, a majority-owned independent contractor subsidiary in the United Kingdom, have a total of more than 5,000 financial advisors serving approximately 1.8 million1 accounts in 2,200 locations throughout the United States, Canada and overseas. In addition, total client assets are currently $183 billion2, of which approximately $28 billion are managed by the firm’s asset management subsidiaries.
To the extent that Raymond James makes or publishes forward-looking statements (regarding economic conditions, management expectations, strategic objectives, business prospects, anticipated expense savings, financial results, anticipated results of litigation and regulatory proceedings, and other similar matters), a variety of factors, many of which are beyond Raymond James’ control, could cause actual results and experiences to differ materially from the expectations and objectives expressed in these statements. These factors are described in Raymond James’ 2008 annual report on Form 10-K and quarterly report for the quarters ended December 31, 2008 and March 31, 2009 on Form 10-Q, which are available on raymondjames.com and sec.gov.
1 Decrease in number of client accounts is due to the exclusion of approximately 100,000 zero balance accounts not associated with any assets. Reported figures for prior periods included these accounts.
-more-May 27, 2009 Raymond James Financial, Inc.
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| April 2009 | March 2009 | February 2009 | |||
| (21 business days) | (22 business days) | (19 business days) | |||
Securities commissions/fees (1) | $ 129.9 mil. | $ 131.9 mil. | $ 114.7 mil. | ||
Assets under management (2) | $ 27.5 bil. | $ 26.1 bil. | $ 25.2 bil. | ||
# of managed/co-managed underwritings (3) | 7 | 3 | 2 | ||
| Total customer assets under administration | $ 182.8 bil (5) | $ 172.4 bil(5) | $ 164.4 bil (5) | ||
Raymond James Bank total assets (4) | $ 8.8 bil. | $ 9.1 bil. | $ 9.1 bil. | ||
Raymond James Bank total loans, net (4) | $ 7.5 bil. | $ 7.5 bil. | $ 7.6 bil. |
| (1) | Includes all securities commissions and fees generated by our financial advisors, both private client and institutional. |
| (2) | This is the primary revenue driver for the asset management segment. Investment advisory fees are based on a percentage of assets at either a single point in time within the quarter, typically the beginning or end of a quarter, or the “average daily” balances of assets under management. |
| (3) | This is only one of several key revenue sources for the capital markets segment; other key revenue sources include institutional sales commissions and transaction fees. |
| (4) | Represents the use of Raymond James Bank as a cash sweep option for brokerage clients, and the related lending activity. |
| (5) | Client assets under administration now include $7 billion in balances related to direct mutual funds which were not included in the prior year. |
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For more information, contact Anthea Penrose at 727-567-2824
Please visit the Raymond James Press Center at raymondjames.com/media.