Stifel Financial client assets climb 5% in October as equity markets appreciate

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Stifel Financial's (NYSE:SF) total client assets came in at $382.45B as of the end of October, rising 5% from the prior month, due to financial advisor recruiting and an upswing in equity markets, it said Monday. That figure, though, was down 10% from a year ago with the stock market trading well below the January peak.

Similarly, fee-based client assets were $142.24B at end-October, compared with $135.52B in September and $157.24B a year before.

"The benefits of our client cash initiatives are highlighted by the increase in client deposits in October, which have continued into November," said Chairman and CEO Ronald J. Kruszewski.

Private Client Group fee-based client assets rose 5% to $124.85B from a month earlier, but down 9% from October 2021.

Net bank loans of $21.18B ticked up 1% from September and jumped 48% from October of last year.

Client money market and insured product was $26.09B compared with $26.08B in September and $25.81B in October 2021.

Looking forward, "the environment remains challenging for our Institutional Group and quarterly revenues will be driven by market conditions and the timing of advisory transactions," Kruszewski added.

See how Stifel's earnings fared during the third quarter.