Stifel reports August client assets up 10% YoY to $424.9B; client cash up 2% MoM

STIFEL FINANCIAL CORP

Total client assets $424.9B as of Aug 31, 2023, up 10% YoY and flat MoM.
Fee-based client assets $156.4B (+8% YoY); PCG fee-based $137.2B (+8% YoY).
Client money market & insured product $25.5B, down 3% YoY but up 2% MoM; September balances increased from Aug end.
CEO notes strong FA recruiting partially offsetting equity market impact; investment banking pipelines improving but closings delayed.
Bank loans (net) $20.4B, down 2% from both prior year and prior month.

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