Stifel Financial reported another a quarter of record earnings Messaged advisors seeking stability for the Global Wealth Management division on Wednesday Collapse of two banks: Have a look at this.
Stifel’s investment banking business continued to struggle in a frenzied deal-making market, reducing overall company revenues and earnings from prior-year levels, but the strength of the company’s steadily growing asset franchise We were able to hire 49 new advisors in the quarter. 20 Experienced Advisors — This equates to a net increase of 6 Advisors.
“Our hiring pipeline remains strong, and we believe the stability of our platform will further strengthen our position as the premier destination for high-quality financial advisors,” said Chief Financial Officer. says Jim. Marischen said at a financial results briefing.
Regional companies and investment banks based in St. Louis also $1.2 billion increased deposits in the first quarter and said only 15% of deposits were uninsured. Contrast with peers in some regions. the first republic got lost Customer deposits were $102 billion last quarter, and about 10% of wealth staff say they have fled since March after news that about two-thirds of deposits were uninsured.
“We have a robust liquidity profile with strong cash levels, low-cost borrowing capacity and high-quality, relationship-oriented deposits,” Stifel Chairman and CEO Ron Kruszewski said on a conference call. rice field.
“90% of our deposits are generated by our wealth management clients, and more specifically the cash they generate from their investment accounts,” he added.
Due to the company’s strong position, Kruszewski said he hired a number of Credit Suisse bankers “opportunistically” for a group of institutional investors to prepare for better conditions in the Credit Suisse market. , said it had hired “a lot of good people from Silicon Valley banks.”
Diluted earnings per share available to shareholders on a non-GAAP basis were $1.40, slightly below Wall Street analyst expectations. consensus $1.45.
“Stifel has shown the strength and stability of a wealth-first franchise,” Bloomberg Intelligence analyst Neil Sipes said in an interview, noting that the surge in deposits was “that wealth franchise and a little bit of opportunism.” seems to reflect a more competitive hiring … most of that growth was actually from corporate clients … I think that bodes well for them moving forward.”
Scroll down the slideshow to see the highlights of Stifel’s first quarter earnings. For the company’s fourth quarter earnings, click hereLooking at the third quarter results, click here.