Canaccord Genuity Group has reported revenues of C$270.69m ($205.4m) for the second quarter (Q2) of fiscal 2020, down 10% compared to C$300.03m last year.

The company’s net income attributable to common shareholders was C$11.14m for the quarter ended 30 September 2019. A year ago, the company’s net income stood at C$21.85m, which marks a 49% slump.

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Canaccord Genuity Wealth Management generated revenues of $115.4m globally, a fall of around 1% from last year.

Client assets in the global wealth management business totalled $65.4bn at the end of September 2019.

Canaccord Genuity Wealth Management (North America) reported revenues of C$49m. This was down 6% from the previous year, driven by a reduction in investment banking revenue.

At C$20.4bn, client assets in North America were 3% higher than the previous year.

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Canaccord Genuity Wealth Management (UK & Europe) reported 4% year-on-year growth in revenue. The firm attributed the growth to higher commissions and fees revenue as well as the takeovers of advisory firms Thomas Miller and McCarthy Taylor.

Client assets in the UK & Europe dropped 2% to C$44.2bn from C$45.2bn.

Canaccord Genuity Group president and CEO Dan Daviau said: “The diversification of our business mix and the benefit of increased scale in our wealth management business was evident in our second quarter, as we delivered a solid financial result despite a more challenging operating environment for capital markets activities.

“Looking forward, we continue to be optimistic about the opportunities for our business and our ability to drive long-term earnings power for our shareholders.”