Brokerage and investment bank Raymond James Financial Inc. said on Wednesday its revenues climbed to a record high $1.29 billion in the fiscal fourth quarter, up 14 percent from last year, while profits climbed more slowly than the previous quarter.

The St. Petersburg, Florida-based company reported profits climbed 16 percent from last year, less than the fiscal third quarter's sharp 46 percent jump, as acquisition-related expenses capped incomes.

Net income rose to $136.36 million, or 94 cents per share, for the fiscal fourth quarter ended Sept. 30, from $117.46 million, or 82 cents per share, a year earlier.

Analysts on average had expected earnings of 85 cents per share on revenue of $1.24 billion, according to Thomson Reuters I/B/E/S.

Annual revenues rose 8 percent over last fiscal year to $4.86 billion for the fiscal year 2014, boosted by $74 million in revenues from a private equity investment that was sold. Annual income rose 31 percent over last year to $480.2 million.

Quarterly asset management revenue grew 17 percent to $94.9 million, helped by strength in the equity market, as financial assets under management rose 15.4 percent over last fiscal year to $64.6 billion.

Investment advisory fees rose 14 percent since last year to $91.8 million.

Raymond James added 68 advisers firm-wide over the fiscal year, bringing its total adviser headcount to 6,265, up from 6,197 as of Sept. 30, 2013.