Stifel Financial’s global wealth management business, like many of its rivals, saw its client assets drop significantly during the latest quarter, but the firm delivered strong revenues nonetheless.

The company recruited 41 advisors in the latest quarter, including 32 employee advisors and nine independent advisors, with a total of $24 million in trailing 12-month production, according to the firm’s second-quarter earnings report.

But by the end of June, Stifel had 2,230 advisors, which was just one more than it had at the end of March, according to the report. At the end of June 2021, Stifel had 2,190 advisors.

The total number of advisors, which also includes independent contractors, stood at 2,330 at the end of June this year, one fewer than at the end of March but up from 2,282 the firm had at the end of June last year, according to the report.

Total client assets in the wealth management unit fell to $377.6 billion by the end of the second quarter this year, down 10.4% from the end of the first quarter and down 6.2% year-over-year, which Stifel attributes to falling markets.

Of the total, fee-based client assets represented $141.2 billion at the end of June, down from $148.8 billion at the end of June 2021, according to the report.

Bank loans in the unit, meanwhile, soared 46% year-over-year, to $19.3 billion, the company says.

Total net revenues in the global wealth management unit rose 2.4% during the second quarter of 2022, to a record $698.0 million, which was also 9.5% higher year-over-year, according to the report.

Stifel said that asset management revenues rose 12% year-over-year thanks to healthy fee-based asset flows, while transaction revenues fell 13% due to “a decrease in client activity from significantly elevated levels a year ago.”

Total non-interest expenses in the segment, meanwhile, slipped close to 1% during the latest quarter, to $452.8 million, although that was 10.4% higher year-over-year, according to the report.

Regardless, Stifel’s income before taxes attributable to the global wealth management segment in the second quarter this year was $245.2 million, which was a 8.8% increase from the prior quarter and 7.9% higher year-over-year, the company says.

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