You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: We appreciate your time and interest in Raymond James Financial.
With us on the call today are Paul Reilly, Chairman and Chief Executive Officer; and Paul Shoukry, Chief Financial Officer.
Calling your attention to slide two.
These statements include, but are not limited to, information concerning future strategic objectives, business prospects, financial results, anticipated timing and benefits of our acquisitions, including our proposed acquisitions of Charles Stanley PLC and TriState Capital Holdings, and our level of success in integrating acquired businesses, anticipated results of litigation and regulatory developments, impacts of the COVID-19 pandemic or general economic conditions.
We urge you to consider the risks described in our most recent Form 10-K and subsequent Forms 10-Q and Forms 8-K, which are available on our Investor Relations website.
During today's call, we will also use certain non-GAAP financial measures to provide information pertinent to our management's view of ongoing business performance.
I want to first, by apologizing, I'll sound like a broken record, using the word record over and over again.
It really was an outstanding year and quarter.
I wish management could take credit, but it is really the work of our advisors and associates that delivered these results.
Their dedication and perseverance during the fiscal year was amazing.
We've proven once again that focusing on our time-tested client-first strategy and providing outstanding service to our advisors and their clients will guide us through uncertain economic and global conditions, in this case, in record-setting fashion.
The record results we generated would not have been possible without everyone's contribution.
Starting on slide four with our quarterly results.
The fiscal fourth quarter capped off what was a record fiscal year on a number of fronts.
The firm reported record quarterly net revenues of $2.7 billion and record quarterly net income of $429 million, or earnings per diluted share of $2.02, which reflects the impact of the three for two stock split in September.
Excluding the $10 million of acquisition-related expenses, quarterly adjusted net income was $437 million and adjusted earnings per diluted share equaled $2.06.
The increase in quarterly net revenues was largely driven by record investment banking revenues and record assets under management and related administrative fees, primarily due to higher private client group assets and fee-based accounts.
Annualized return on equity for the quarter was 21.3% and adjusted annualized return on tangible common equity was 24.1%, a very impressive result, especially in the near zero-rate environment and given our strong capital position.
Moving to slide five.
We ended the quarter with record total client assets under administration of $1.18 trillion, up 27% on a year-over-year basis and 1% sequentially.
We also achieved record PCG assets and fee-based accounts of $627 billion and record financial assets under management of $192 billion.
We continue to focus on supporting advisors and their clients through leading technology solutions and a client-focused culture.
As a result, we had a fantastic year in terms of advisor retention as well as record results in recruiting new advisors to the Raymond James platform through our multiple affiliation options.
We ended the quarter with records of 8482 financial advisors, net increases of 243 over the prior period and 69% over the preceding quarter, representing a new record during the fiscal year we recruited financial advisors with approximately $330 million of trailing 12-month production and approximately $54 billion of client assets to our domestic independent contractor and employee channels.
Also in the Private Client Group, advisors generated domestic net new assets of approximately $83 billion in fiscal 2021, representing 10% of domestic PCG assets at the beginning of the fiscal year, a very strong result reflecting our excellent retention and record recruiting.
Additionally, this year, new account openings and advisor productivity were very strong contributing to the excellent net new asset results.
Also worth noting on the slide is the impressive loan growth at Raymond James Bank during the quarter, up 5% sequentially to a record $25 billion.
This growth was driven by securities-based loans to the Private Client Group clients as well as a strong corporate loan growth.
Moving to segment results on slide six.
The Private Client Group generated record quarterly net revenues of $1.8 billion and pre-tax income of $222 million, a 12.3% pre-tax margin reflecting significant operating leverage over the past year.
The Capital Markets segment generated record quarterly net revenues of $554 million and pre-tax income of $183 million, representing an extremely impressive 33% pre-tax margin to net revenues.
These record results were driven by record investment banking revenues, strong tax credit fund revenues and solid fixed income brokerage revenues.
The Asset Management segment generated record net revenues of $238 million and record pre-tax income of $114 million, up 29% and 46% over the year ago period respectively.
These results were primarily due to growth in financial assets under management, driven by net inflows to fee-based accounts in the Private Client Group partially offset by market depreciation and net outflows for the Carillon Tower Advisers during the quarter.
Raymond James Bank generated quarterly net revenues of $176 million and pre-tax income of $81 million.
Quarterly net revenues increased 9% over the year ago quarter, as higher levels of earning assets offset year-over-year compression in the bank's net interest margin.
Sequentially, net revenues grew 4% due to higher asset balances during the quarter.
The pre-tax income growth year-over-year was due to the aforementioned revenue growth and lower bank loan provision for credit losses in the current quarter.
Compared to the preceding quarter, the bank's pre-tax income declined largely due to a reserve release in the preceding quarter compared to a loan loss provision, primarily associated with the strong loan growth during the fiscal fourth quarter.
Looking at the fiscal year 2021 results on slide seven, we generated record net revenues of $9.76 billion, up 22% over fiscal year 2020 and record net income of $1.4 billion, up 73% over fiscal 2020.
Excluding losses on the extinguishment of debt and acquisition-related expenses during the year, adjusted net income was $1.49 billion, up 74% over adjusted net income in fiscal 2020.
Moving to the fiscal year results on slide eight.
The Private Client Group, Capital Markets and Asset Management segments, generated record net revenues and record pre-tax income and all of our segments realized substantial operating leverage during the fiscal year.
Once again, these results reinforce the value of our diverse and complementary businesses.
I'll begin with consolidated revenues on slide 10.
Record quarterly net revenues of $2.7 billion grew 30% year-over-year and 9% sequentially.
Record asset management fees grew 8% sequentially, commensurate with the sequential increase in the beginning of the quarter balance of fee-based assets.
Private Client Group assets and fee-based accounts were up 2% during the fiscal fourth quarter, providing a modest tailwind for this line item for the first quarter of fiscal 2022.
Consolidated brokerage revenues of $541 million grew 9% over the prior year, but declined 2% from the preceding quarter.
Institutional fixed income brokerage revenues remain solid, albeit down from the strong levels of the comparison periods.
Brokerage revenues in PCG were up 17% on a year-over-year basis, but flat sequentially due to lower trading volumes, which offset the benefit from higher asset balances and associated trailing commissions.
For the fiscal year, brokerage revenues were up 13% to a record $2.2 billion, reflecting records for both PCG and fixed income, which had a fantastic year that was a testament to their leading position in the depository segment.
Account and service fees of $170 million increased 21% year-over-year and 6% sequentially, largely due to higher average mutual fund assets driving higher associated service fees.
Paul already discussed our record investment banking results this quarter.
So let me touch on other revenues.
Other revenues of $74 million were up 35% sequentially, primarily due to higher tax credit funds revenues.
We also had $18 million of private equity valuation gains during the quarter of which approximately $5 million were attributable to non-controlling interest reflected in other expenses.
Moving to slide 11.
Clients' domestic cash sweep balances, which are the primary source of funding for our interest-earning assets and the balances with third-party banks that generate RJBDP fees ended the quarter at a record $66.7 billion, up 6% over the preceding quarter and representing 6.3% of domestic PCG client assets.
As we continue to experience growing cash balances and less demand from third-party banks during fiscal 2021, $10.8 billion of client cash is being held in the client interest program at the broker dealer.
Over time that cash could be redeployed to our bank or third-party banks as capacity becomes available, which would hopefully earn a higher spread than we currently earn on short-term treasuries.
On slide 12, it was great to see an 8% sequential increase in the combined net interest income and BDP fees from third-party banks to $198 million.
This growth was largely attributable to strong asset growth and a resilient net interest margin at Raymond James Bank, which remained right at 1.92% for the quarter.
We expect the bank's NIM to settle right around 1.9% over the next couple of quarters.
The average yield on RJBDP balances with third-party banks remained flat at 29 basis points in the quarter.
If banks demand for deposits doesn't improve from current levels, we believe there will be downward pressure on this yield in fiscal 2022, especially in the back half of the fiscal year, which is why we have been so focused on generating on-balance sheet growth in assets that could deliver good risk-adjusted returns.
Moving to consolidated expenses on slide 13.
First our largest expense compensation.
The compensation ratio decreased sequentially from 67.2% to 65.8% largely due to record revenues in the capital markets segment, which had a very low 52% compensation ratio during the quarter.
Given our current revenue mix and disciplined management of expenses, we are confident we can maintain a compensation ratio of 70% or lower in this near-zero short-term interest rate environment.
And as we experienced in fiscal 2021, we can do meaningfully better than 70% with Capital Markets revenues at or near these record levels, which is our expectation for at least the next quarter or two.
Non-compensation expenses of $361 million decreased 15% sequentially, primarily driven by the $98 million loss, on extinguishment of debt in the fiscal third quarter.
Somewhat offsetting this favorable variance, we had a modest provision for credit losses during the quarter, compared with a bank loan loss reserve release in the fiscal third quarter.
Overall, our results in fiscal 2021 show, we have remained focused on managing controllable expenses, while still investing in growth and ensuring high service levels for advisors and their clients.
While we are still finalizing our fiscal 2022 budget, we do expect expenses to increase meaningfully in fiscal 2022, for a variety of reasons.
First and foremost, we are going to continue investing in people and technology, to support the phenomenal growth of our business over the past year, ensuring we maintain very high service levels and leading technology solutions for advisors and their clients.
We also expect business development expenses to pick-up, as travel recognition trips and conferences have already started resuming in the fiscal first quarter, which our advisors and associates are really excited about.
Just as a reminder, business development expenses totaled about $200 million in fiscal 2019, before the start of the pandemic.
Additionally, whereas we had a $32 million net benefit for credit losses in fiscal 2021, we would expect bank loan loss provisions for credit losses associated with net loan growth, in fiscal 2022.
Slide 14 shows the pre-tax margin trend over the past five quarters.
Pre-tax margin was 20.8% in the fiscal fourth quarter of 2021.
And adjusted pre-tax margin was 21.2%, which was boosted by record revenues and still relatively subdued business development expenses.
At our Analyst and Investor Day in June, we outlined a pre-tax margin target of 15% to 16% in this near-zero interest rate environments.
And right now, we believe, the top end of that range is an appropriate target given the aforementioned expense growth, we currently expect in fiscal 2022.
But, as we experienced during the fiscal year, there is a meaningful upside to our margins, when Capital Markets revenues are as strong as they have been in fiscal 2021.
On slide 15, at the end of the quarter, total assets were approximately $61.9 billion an 8% sequential increase, reflecting solid growth of loans at Raymond James Bank as well as a substantial increase in client cash balances being held on the balance sheet.
Liquidity and capital remained very strong.
The total capital ratio of 26.2% and a Tier 1 leverage ratio of 12.6% are both over double the regulatory requirements to be well capitalized, giving us significant flexibility to continue being opportunistic and grow the business.
You can see that RJF corporate cash at the parent ended the quarter at $1.15 billion, decreasing 26% during the quarter, as we have restricted the cash that we plan on using to close on the Charles Stanley acquisition, which we currently expect to close in the first or second quarter of fiscal 2022, for as soon as we receive the requisite regulatory approvals.
Slide 16 provides a summary of our capital actions, over the past five quarters.
During the fiscal year, we repurchased nearly 1.5 million shares, split adjusted for $118 million.
As of October 27th, $632 million remained under the current share repurchase authorization.
Due to the restrictions following our announced acquisition of TriState Capital Holdings, we do not expect to repurchase common shares until after closing.
Lastly, on slide 17, we provide key credit metrics for Raymond James Bank.
The credit quality of the bank's loan portfolio remains healthy with most trends continuing to improve.
Criticized loans declined and non-performing assets remain low at just 20 basis points.
The bank loan loss provision of $5 million was primarily driven by strong loan growth during the quarter.
The bank loan allowance for credit losses as a percent of loans held for investment, declined from 1.34% in the preceding quarter to 1.27% at quarter end.
For the corporate portfolios these allowances are higher at around 2.25%.
Overall, I'm very pleased with our fantastic results for this quarter and the fiscal year, which exceeded many records.
As for our outlook, we are well positioned entering fiscal 2022 with strong capital ratios, quarter-end records for all of our key business metrics and strong activity levels for financial advisor recruiting and investment banking.
In the Private Client Group segment, results will benefit modestly by starting the fiscal first quarter with a 2% sequential increase of assets in fee-based accounts.
Additionally, based on our robust recruiting pipeline, we hope to continue our current recruiting trend as prospective advisors are attracted to our client-focused values and leading technology platforms.
In the Capital Markets segment, the investment banking pipeline remains very strong and we expect a solid fixed income brokerage results, driven by demand from the depository client segment.
In the Asset Management segment, if equity markets remain resilient, we expect results will be positively impacted by higher financial assets under management.
And Raymond James Bank should continue to grow, as we have ample funding and capital to grow the balance sheet.
We will continue to focus on lending to PCG clients through our securities-based loans and mortgages and we will continue to be selective and deliberate in growing our corporate loan and agency-backed securities portfolio.
As we look ahead, we remain focused on the long-term and our long-term growth.
And as we've outlined at our recent Analyst and Investor Day, those key growth initiatives include driving organic growth across our core businesses continuing to expand our investments in technology and sharpening our focus on strategic M&A.
Our recent announcements to acquire TriState Capital and Charles Stanley Group demonstrate our focus on these initiatives and our commitment to deploy excess capital over time.
We believe these acquisitions stay true to our long-standing criteria, which is a good cultural fit, a strategic purpose and makes sense for our shareholders.
These results are a testament to the dedication of everyone in the Raymond James family.

user
raymond james qtrly earnings per share $2.02.
qtrly net revenues of $2.70 billion, up 30% over prior year's fiscal q4.
qtrly earnings per share $2.02.
qtrly adjusted earnings per share $2.06.
quarter-end private client group assets under administration of $1.12 trillion, up 26% over sept 2020.

assistant