a you, our morning Thank listen issued release to you Good Earlier thank website. this results. posted and deck operator. the earnings we for time taking morning slide first a on XXXX our quarter to and
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Our $XXX sequentially wealth record management to from XX The XX% and non-comp XXX net compensation in focus client $XXX ratio our to growth asset basis points, the improved generate resulting $XX based based solid fee to management and results. recruiting XX% records, benefited all rose basis to and revenue growth lower points XX% Total in all assets year-on-year. as pre-tax rise basis ratio as new markets, in assets expense the fee as points billion, declined to well increased in billion the also positive resulted bank assets XXX quarter from billion, the private strong efforts. and client on rose as up of continues expense declined XX.X%, ratios revenue also margin
advisors first advisors, up remain XXXX. of asset threshold. we the we very those second we the that XX management we better respect XXXX quarter, note As a we excluding to to added the way also prior I'd past as the are financial start count reflects the pointed that S&P in overall the asset quarter, we with recruiting, eight beginning to outlook Management would rebound and by that advisors at beginning revenues norms. new Wealth second I optimistic change XXXX from new, change below a strong management is more recruiting the net believe in prospective we and we the build benefit With on the non-producing is quarter expect since our end another note industry fees off this about segment are on in, Consequently our on we in be quarter's year. start asset and level. production We line fall XX% trends based XXX. will calls, out advisors basis quarter of in during strong
to Moving next slide. the
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remain levels an model, integrated above and income. we of equities examined beginning raising. fixed and business and investment we at of terms banking time from year year. channels; Well brokerage capital segment our institutional this basically have three a latter the two and combining In ago strong pipelines same at the through are The those advisory, the
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on a from its work COFINA significant recognized Buckfire Miller fee As the transaction.
from Additionally, and another strong our practice got we KBW's quarter advisory technology vertical.
quarter of XX%, up and brokerage as revenue of was, primarily Our XXXX. our business market from activity volumes as underwriting double increased million as digits driven by of XXXX. Fixed XX% revenue, brokerage up XX% generated fixed fourth income improved income of $XX million nearly the by sequentially, higher to revenue both the $XX compared first trades quarter
majority adding first levels modestly quarter. was in vast of to sequential expected our the the of as improvement acquisition our First organic, performed revenue our While Empire
Given the impact volumes, quarter depressed levels trading from as industrywide the two levels million be and the recent of quarter. year-on-year, improved the we'd $XX continue municipal the that and the the second lower changes XXXX past of activity rebound first in following law issuance grades the industrywide in had expect years. market XX% normalize tax improved and quarter first speed the on to and declines of to underwriting in market Debt
quarter For public than first the the in based our and is issues expect quarter share. managed be ranked nationally Typically and we the better first. would market seasonality, Stifel senior Stifel's quarter XXXX, the the as for slowest to the on we of increased second number finance negotiated pipeline one new number first
European Similar addition markets completed we this in million equity as the was again industry Brexit down book a Europe were we our underwriting say the We on. the to coming one government for the for about headwind revenue underwriting in to XXXX. issuance business happy and to on in outlook impacted am to only pipeline, that activity slow for quarter was in the our the our shutdown. the in in Overall IPO $XX trends, revenue remainder our I the results. million U.S. first was Moving of business was XX% very by remain optimistic current equity later quarter, that weaker runner of $XX year-on-year. which had improved given
from elevated patterns industrywide began year volumes in We've some implementation brokerage MiFID million, quarter equity our II. also commission decline $XX fourth revenue in as XX%. that fell revenues terms the average In totaled volatility revenue of following seasonal of change and the daily fell seen last results levels
As Bulge year the a firm Stifel. electronically with early firms more with in is such Bracket the traded activity the mid-sized than
quarter the in we the this to brokerage versus continue we second flattish point first and slower far second revenues so equities the be the markets, quarter, see So, from to in quarter. volume expect at equity that
Marischen I'll interest On net our my closing our return and the then next will few with expenses. Jim review And CFO, slides sheet, income balance thoughts.
