For the first quarter, New York-listed Stifel Financial Corporation reported net revenues from its Global Wealth Management business of $238.4 million, an increase of 19.6 per cent year-over-year, and broadly flat on a consecutive basis.

Pre-tax operating income at the GWM unit was $61.5 million for the quarter, up from $39.2 million in the first quarter of 2010.

Stifel attributed the year-over-year increase in net revenues to: higher commission revenue, as a result of increased client assets and higher productivity; growth in asset management and service fees, due to an increase in assets under management through market values and the merger with TWPG; and increased equity underwriting sales credits.

Within its global wealth division, net revenues increased 21 per cent on a year-over-year basis at the Private Client Group to reach $229.5 million, which the firm said was a record, while net revenues at Stifel Bank dropped 9 per cent compared to Q1 2010, to $8.9 million.

Across the group, Stifel Financial posted net revenues of $366.6 million for the three months to 31 March 2011, a rise of 18 per cent from the same quarter a year earlier. Net income on a GAAP basis was $31.4 million.