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November 9, 2017

Canaccord Genuity Group revenues dip marginally in Q2

Canaccord Genuity Group has reported revenues of CAD191.5m for the second quarter of fiscal 2018, down 1% compared to CAD193.6m in the year ago quarter.

The company posted a net loss of CAD7.3m for the quarter ended 30 September 2017, versus net income of CAD0.2m a year ago.

Canaccord Genuity Wealth Management generated revenues of CAD70.6m globally, while Canaccord Genuity Wealth Management (North America) generated revenues of CAD32.1m.

In Canada, assets under administration totalled CAD12.8bn at the end of September 2017, a  surge of 24%over CAD10.3bn reported a year earlier.

Discretionary assets under management in Canada were CAD2.7bn, a jump of 120% compared with CAD1.2bn last year.

Canaccord Genuity Wealth Management (UK & Europe) earned CAD37.5m in revenue. In the UK & Europe, assets under management (discretionary and non-discretionary) totalled CAD40.8bn, a surge of 76% from CAD23.2bn a year ago.

Canaccord Genuity Group president and CEO Dan Daviau said: “Our fiscal second quarter results reflect the increasing stability that our global wealth management operations are capable of delivering against a challenging backdrop for mid-market investment banking and advisory activity.

“We are encouraged by improving activity levels heading into the second half of our fiscal year and we look forward to delivering improving returns and stronger long-term stability for our shareholders.”

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