Raymond James profit rises on capital markets strength

July 22 (Reuters) - Raymond ‌James ​Financial ​reported a rise in third-quarter profit on Wednesday, helped by ‌strong performance in its capital markets ⁠unit.

Global M&A activity has remained resilient despite ‌the Middle East conflict ‌as some companies took advantage of an easier regulatory backdrop to pursue ​acquisitions.

Here are some details:

• The company's private client group assets under ⁠administration rose 18% to record $1.86 trillion.

• Quarterly net revenue ​in the private client group unit increased 14% to $2.84 billion, driven by ​higher asset management ‌and related administrative fees.

• "These results were anchored by continued strength ⁠in the private client group, where fee-based assets reached a quarter-end record of $1.15 ⁠trillion," CEO Paul Shoukry said in a statement.

• ​Capital markets revenue increased 25% to $477 million, while total investment banking revenue climbed 40% to $285 ‌million.

• Raymond James' adjusted net income available to common shareholders ‌rose to $620 million, or $3.14 per share, ⁠from $449 million, or $2.18 ‌per share, ​a year earlier.

(Reporting by Prakhar Srivastava in Bengaluru; Editing by Shilpi ‌Majumdar)

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