Florida-based Raymond James Financial, which provides wealth management and other related services in North America and the UK, has reported a year-on-year 61 per cent rise in net income for the three months to 30 September of $69 million, or $0.55 per diluted share.

Net revenues were $747 million, 12 per cent higher than a year ago.

“This year’s results are especially gratifying because they reflect our investment in people in anticipation of a recovery, combined with a strict cost control mandate during the tsunami in our financial system,” said chief executive Paul Reilly in a statement.

“We successfully recruited financial advisors, investment bankers, public finance professionals, institutional sales people and traders, while much of the financial services industry was in shock,” he said.

The firm had client assets under management of $30 billion at 30 September, up from $25.9 billion a year ago (the data excludes money market funds). Total funds under administration stood at $249 billion, up from $223 billion over the same period 12 months before.