Canaccord Genuity Group has reported revenues of CAD309.4m ($247.3m) for the third quarter of fiscal 2018, a surge of 49% compared to CAD208.1m ($166.3m) a year ago.
For the quarter ended 31 December 2017, the company posted a net income of CAD36.6m as against CAD4.5m reported in the corresponding year ago quarter.
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Canaccord Genuity Wealth Management generated revenues of CAD110.9m globally, while Canaccord Genuity Wealth Management (North America) generated revenues of CAD48.4m during the quarter.
In North America, the company’s assets under administration totalled CAD14.5bn at the end of December 2017, a surge of 21% over CAD12bn a year earlier. Discretionary assets under management in North America rose 12% to CAD2.8bn from CAD2.5bn a year ago.
Canaccord Genuity Wealth Management (UK & Europe) earned CAD60.9m in revenue. In the UK & Europe, assets under management (discretionary and non-discretionary) totalled CAD43.8bn, an increase of 87% from CAD23.4bn in the previous year.
Canaccord Genuity Group president and CEO Dan Daviau said: “Record revenue for our third fiscal quarter was a result of strong investment banking and advisory activity in small- and mid-cap equities, coupled with increased contributions from our expanded wealth management platform.
“While we anticipate periodic volatility in our capital markets operation, our business is well positioned to capture additional market share in our key markets, while improving recurring revenue growth from our wealth management businesses to deliver greater earnings diversity and operating leverage for our shareholders.”
