Canaccord Genuity Group has reported revenues of C$308m ($231.9m) for Q3 fiscal 2020. This is a fall of 7% from the previous year’s figure of C$331.6m.

The company’s net income attributable to common shareholders for the three-month period ended 31 December 2019 was C$27.6m. This marks a 20% slump from C$34.4m last year.

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Canaccord Genuity Wealth Management earned revenues of C$128.4m globally, up 11% from a year ago.

Client assets in the global wealth management business reached C$72.8bn at the end of December 2019.

North America lags

Revenues at Canaccord Genuity Wealth Management (North America) dropped 15% on a year-on-year basis.

Client assets of C$21bn in North America at end-December 2019 were 15% higher than the previous year.

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Acquisitions contribute to growth in the UK & Europe

Canaccord Genuity Wealth Management (UK & Europe) earned revenues of C$71.3m. The growth was said to be driven by the acquisitions of Thomas Miller and McCarthy Taylor.

Client assets in the UK & Europe were C$48.1bn as of 31 December 2019, a 17% surge from C$41.2bn a year earlier.

Australia wealth management

Australia wealth management operations earned C$11.1m in revenue and reported client assets of C$3.7bn in investment management platforms. This was supported by Canaccord Genuity’s takeover of Patersons Securities.

Canaccord Genuity Group president and CEO Dan Daviau said: “Our fiscal third quarter results underscore our consistent progress against our strategic objectives, as all of our business units contributed to firmwide profitability.

“We continue to see momentum for all our business activities heading into the fourth fiscal quarter. We have also identified strategies which we expect will reduce our annual cost base by approximately $20m and contribute to improving margins going forward.”