Stifel Financial, the St Louis-based financial holding firm, saw an increase in pre-tax operating income for its global wealth management business in the quarter to 30 September 2011, from $51.7 million in 2010 to $55.4 million.

The result came on the back of a rise in net revenues for the quarter from $207.5 million a year earlier to $219.5 million. This was slightly lower than in the second quarter, however, when the firm logged $225.6 million in net revenues. In a statement, the company attributed the gains to higher commission revenues from increased client assets and productivity, growth in asset management and service fees due to improved market performance, and increased net interest revenues from Stifel Bank. 

Stifel Bank posted a 73 per cent gain in net revenues to $17.6 million compared with the third quarter of 2010, which also represented a 45 per cent rise from the second quarter of 2011. The Private Client Group also reported a 2 per cent year-over-year increase to $201.9 million, although this represented a 5 per cent drop from Q2 2011. 

"Our third quarter demonstrates the importance of a balanced business model, particularly in a volatile environment. While not immune to the current macroeconomic headwinds, our global wealth management segment generated impressive results, while the dearth of capital markets activity weighed on our investment banking revenues," said Ronald Kruszewski, chairman, president and chief executive of Stifel Financial.

Overall, total assets increased 18 per cent to $4.9 billion as of 30 September, from $4.2 billion in the previous year.