Stifel Reports January 2024 Operating Data; Ronald J. Kruszewski, Chairman And CEO, Says, "Client Assets Under Administration And Fee-Based Assets Increased 1% From The Prior Month And Reached Record Levels Of $447B And $167B, Respectively

Author: Benzinga Newsdesk | February 22, 2024 05:39pm

Stifel Financial Corp. (NYSE:SF) today reported selected operating results for January 31, 2024 in an effort to provide timely information to investors on certain key performance metrics. Due to the limited nature of this data, a consistent correlation to earnings should not be assumed.

 

Ronald J. Kruszewski, Chairman and Chief Executive Officer, said, "Client assets under administration and fee-based assets increased 1% from the prior month and reached record levels of $447 billion and $167 billion, respectively, as we continue to benefit from strong equity markets and solid recruiting pipelines. Client money market and insured products declined by 1% from year-end levels as the expected seasonal decline in sweep deposits was partially offset by the increase in Smart Rate balances. Overall client cash, inclusive of money market funds and short-term treasuries, was essentially flat in January compared to the prior month."

Selected Operating Data (Unaudited)
As of						% Change
(millions)	1/31/2024		1/31/2023		12/31/2023		1/31/2023	12/31/2023
Total client assets	$446,724		$407,844		$444,318		10%	1%
Fee-based client assets	$166,682		$150,891		$165,301		11%	1%
Private Client Group fee-based client assets	$146,729		$132,763		$145,513		11%	1%
Bank loans, net (includes loans held for sale)	$19,525		$20,768		$19,730		(6)%	(1)%
Client money market and insured product (1)	$26,144		$27,349		$26,474		(4)%	(1)%

(1)   Includes Sweep deposits, Smart Rate deposits, Third-party Bank Sweep Program, and Other Sweep cash.
 

Posted In: SF