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Stifel Financial’s (NYSE:SF) total client assets rose 3% to $466B M/M in May, driven by market appreciation and recruiting, the company said on Thursday. From a year earlier, client assets climbed 16%.
Similarly, fee-based client assets of $176.5B advanced 3% sequentially and 20% from May 2023.
Bank loans, net (including loans held for sale), slipped 1% M/M and 5% Y/Y to $19.8B.
Client money market and insured products of $26.2B was virtually unchanged from a month ago and increased 5% from $26.3B in May of last year.
“We continue to see improvement in the environment for investment banking activity,” said Stifel Chairman and CEO Ronald J. Kruszewski, “but the timing of closing for M&A transactions remains difficult to forecast.”