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      1. Capital Markets

        Capital Markets reported record Investment Banking and overall Equity Capital Markets (ECM) revenues in 2018, driven primarily by robust Mergers & Acquisitions (M&A) activity. This growth in M&A helped offset the impact of a challenging environment for equity and fixed income institutional commissions, as well as Public Finance Underwriting.

        $963.8 million
        NET REVENUES

        $90.6 million
        PRE-TAX INCOME

        TOTAL CAPITAL MARKETS NET REVENUES
        Total Capital Markets Net Revenues

        KEY PERFORMANCE DRIVERS
        • Substantial M&A success – including larger deal sizes and fees – drove record Investment Banking results
        • Expanding industry and geographic reach in the United States, Europe and Asia
        • Continued ability to attract experienced professionals
        HEADWINDS
        • Subdued volatility for much of the fiscal year affected both equity and fixed income sales and trading, while persistent low interest rates and continued flattening of the yield curve further impacted fixed income commissions
        • Regulation – particularly the European Union’s Markets in Financial Instruments Directive (MiFID II) – resulted in significant changes to industry practices that are reverberating beyond Europe
        • Industry trends, such as flows to passive investment strategies, shifts to low-touch trading and technology disruption, continue to result in fee compression, as well as additional costs
        Public finance & fixed income capital markets initiatives

        Expanding the Public Finance core footprint
        In fiscal 2018, Public Finance increased market share and rankings in three states with significant municipal issuances: New York, Illinois and California. These results were partially driven by the Public Finance team’s strategy of recruiting experienced bankers to build Raymond James’ presence in key geographic areas. For example, the recruitment of a successful K-12 banking team in Illinois late in fiscal 2017 resulted in market share increases of more than 175% in that state, and the addition of three new bankers in California, Colorado and Texas bodes well for future results in those areas.

        Enhancing integration with the Private Client Group
        Increased attention on driving awareness of the Public Finance Referral Fee Program, which provides a pipeline of potential new clients for Public Finance while supporting the business growth efforts of the firm’s financial advisor population, paid off handsomely in fiscal 2018. Internal referrals that resulted in transactions were up 93%, giving rise to an almost fourfold increase in related revenue.

        Developing new products to support client needs
        As interest rates increased during the year and tax laws changed as a result of the Tax Cuts and Jobs Act of 2017, clients searched for ways to minimize borrowing costs for new projects and refinance existing debt. Public Finance was able to meet these needs through products such as forwards and structured financing – two areas of expected growth in fiscal 2019.

        Reducing operating expenses in the Fixed Income Capital Markets group
        Saddled with dour business conditions for fixed income assets, the Fixed Income Capital Markets team focused on reducing costs to continue to produce satisfactory levels of profitability, while also increasing the group’s ability to take advantage of opportunities in the future.

        Equity capital markets initiatives

        Continued investment in the advisory business
        In fiscal 2018, Investment Banking produced record advisory revenues of nearly $297 million, up 30% from the prior year. This was driven by continued investment in the North American M&A business, including four new managing director hires in 2018, as well as in Europe, where the addition of senior bankers and managing directors over the last two years helped push European advisory revenues up 112% year over year. The Investment Banking team was successful in its efforts to focus on larger deals and fees, including earning the five highest advisory fees in the firm’s history during the last two years.

        180
        NUMBER OF M&A TRANSACTIONS IN FISCAL 2018

        Enhancements to private equity relationships
        Raymond James continued to expand its capabilities, product offerings and touchpoints with the private equity community, a key client segment. The firm closed more than 80 private equity-involved M&A engagements in 2018, with over 80% of sell-side fees involving private equity firms. In addition, the team launched a Credit Finance business unit in 2018 to arrange senior secured funding facilities for private equity firms on a buy-and-hold basis; this initiative is expected to deepen relationships with key private equity and corporate clients.

        Expansion of Asia coverage
        In addition to European growth, Raymond James added additional senior bankers to enhance its coverage of private equity investors and strategic buyers located in Asia, and now has three bankers dedicated to access to the Asian markets, particularly China. The firm also continued to explore international partnerships to enhance the distribution of North American equities, including a new partnership in Singapore.

        Bolstering equities leadership
        Raymond James hired industry veteran David De Luca as global head of equities in April of this year to strengthen efforts across Research, Sales and Trading. The position was created to focus on coordinating capabilities to capture additional market share both domestically and internationally.

        ECM Industry Accolades

        Building on deep understanding of and strong relationships with middle market companies, Equity Capital Markets overall continued to earn recognition from industry publications and media firms in 2018, including:

        THE M&A ADVISOR:
        • Information Technology Deal of the Year
        • Corporate/Strategic Deal of the Year ($100MM–$1B)
        • M&A Deal of the Year ($250MM–$1B)
        • Cross Border Deal of the Year ($100MM–$250MM)
        • Private Equity Deal of the Year ($100MM–$250MM)
        M&A ADVISOR TURNAROUND AWARDS:
        • Professional Services (B-To-B) Deal of the Year
        • Restructuring Community Impact Deal of the Year
        THE DEAL:
        • Technology/Telecom Banker of the Year
        THOMSON REUTERS ANALYSTS AWARDS:
        • Six awards for Top Earnings Estimators
        • Eight awards for Top Stock Pickers
        LOOKING AHEAD

        A strong M&A environment and the firm’s robust M&A pipeline bode well for ongoing performance. Meanwhile, Capital Markets continues to invest across the platform, with several common themes among the businesses. First, expanding into new markets – both domestic and international – through the opportunistic hiring of experienced professionals or via potential acquisitions. Second, capitalizing on relationships within Raymond James, such as through advisor referrals to Public Finance and Investment Banking, cross-selling of products across the platform, and through partnerships with third parties or among business units to create new products or services for various clients. And finally, by continuing to deepen existing client relationships in the middle market space, listening to client needs and responding with solutions to support their growth, which in turn supports the firm’s growth.

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