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August 8, 2019

Canaccord Genuity Group revenues surge in Q1

Canaccord Genuity Group has reported revenues of C$325.5m ($245m) for the first quarter of fiscal 2020.

This is a 19% jump from the previous year figure of C$274.1m.

The company’s net income attributable to common shareholders was C$21.8m, a 43% surge from C$15.2m last year.

Canaccord Genuity Wealth Management generated revenues of C$129.7m globally, up 15% from a year ago.

Client assets in the global wealth management businesses were C$67.6bn as of 30 June 2019.

Canaccord Genuity Wealth Management (North America) generated revenues of C$57.8m, a 24% increase from the previous year. The firm attributed the rise to “increased transactional activities and continued asset growth in connection with Investment Advisor recruiting activities”.

In North America, the company’s client assets were C$21.2bn at the end of June 2019- up 12% from C$18.9bn last year.

Canaccord Genuity Wealth Management (UK & Europe) contributed C$71.9m to revenues.

Client assets in the UK & Europe dropped 2% year-on-year to C$45.6bn.

The result is said to reflect new client assets of around C$1.5bn procured through the takeover of UK-based wealth manager Thomas Miller.

Canaccord Genuity Group president and CEO Dan Daviau said: “We delivered a solid first quarter result and a positive start to our 2020 fiscal year.

“We continued to demonstrate improving stability across businesses and geographies, as we invested into our core strengths and took steps to deliver improving returns for our shareholders.”

 

 

 

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