Florida-based Raymond James Financial, the network of financial advisory and wealth management firms, said its net income for the fourth quarter of 2009 fell by 13 per cent to $42.9 million, compared with just over $49.1 million in the same three months of 2008.

Total revenues fell by 11 per cent year-on-year to $759.9 million, the firm said in a statement.

“In light of the extraordinary economic conditions in the last year, I’m pleased by the results in the fourth quarter and for the entire 2009 fiscal year. There are glimmerings of more stability in the financial markets, as well as a growing confidence among investors that the general economy is improving, albeit at a slow rate given the intractability of unemployment and the weakness in a few key sectors,” said chairman and chief executive Thomas James.

The firm reported its figures on a day when a raft of top-level US banking and wealth management groups, such as Morgan Stanley, BNY Mellon and Bank of America Merrill Lynch, also reported results, which mostly showed an improvement in wealth earnings for the fourth quarter.