Stifel reports May client assets up 3% MoM; Q2 IB revenue seen down ~10% YoY

STIFEL FINANCIAL CORP

Total client assets $501.4B as of May 31, 2025, up 8% YoY and 3% from April 30.
Fee-based client assets $199.1B, up 13% YoY and 4% MoM; PCG fee-based assets $173.6B (+12% YoY, +5% MoM).
CEO Kruszewski expects Q2 2025 investment banking revenue down ~10% vs Q2 2024, citing April volatility.
Client money market and insured product $25.8B, down less than 1% MoM; Smart Rate balances drove decrease.
Bank loans net $21.2B, up 7% YoY but down 2% MoM.

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