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AG Edwards Profit Rises 50%

The broker's asset management business shines.
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A.G. Edwards


reported a 50% gain in profit in its most recent quarter.

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The St. Louis-based firm said it earned $78 million, or $1.03 a share, in the third quarter, which ended on Nov. 30. A year ago, the broker earned $52 million, or 67 cents a share. Revenue rose 14% to $768 million.

Analysts, as surveyed by Thomson Financial, were looking for earnings of 91 cents a share on revenue of $741.7 million.

In the quarter, asset management and fee revenue rose 18% to $318 million. Commission revenue was unchanged from a year ago at $247.6 million. Investment banking revenue rose 25% to $72.6 million.