Canadian investment firm Canaccord Financial has reported a net income of C$$7.9 million for the first quarter ended 30 June 2013, compared to a net loss of C$20.6 million for the same last year.
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The firm’s first quarter revenue was increased by 15% to C$187.2 million from C$162.5 million. Total expenses for the three months ended 30 June 2013 were C$178.1 million, a decrease of 4.8% or $8.9 million from the same period a year ago.
On a global basis, Canaccord Genuity Wealth Management generated revenue of C$54.6 million in the fiscal first quarter. Total assets under administration in Canada and assets under management in the UK and Europe, and Australia, were C$25.8 billion at 30 June 2013.
Paul Reynolds, president and CEO of Canaccord Financial, said: "This was a record quarter for our US division and another solid performance by our UK and European operations. While challenging market conditions continued in some of our core markets, Canaccord Genuity’s firm-wide cost containment initiatives continued to deliver increased value for our shareholders.
"We will be focusing on further enhancing the operational efficiency of our business through targeted investments in our back-office infrastructure and upgrading elements of our support services," Reynolds added.
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By GlobalDataIn addition, Canaccord Financial said that it will be rebranded as Canaccord Genuity Group on 1 October 2013.
