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November 9, 2020

Canaccord Genuity posts record rise in revenues despite Covid-19 turbulence

Canaccord Genuity Group has reported its highest quarterly revenue on record in the second quarter of fiscal 2021 despite the adverse impact of Covid-19 on the global economy.

In the three-month-period ending 30 September 2020, the Canada-based firm posted a quarterly revenue of C$390.4m ($299.65m), a 44% jump over C$270.7m recorded a year ago.

The figure broke the previous record of C$377.72m registered in the last quarter.

The company’s net income attributable to common shareholders was C$32.98m, increasing 53% on a year-on-year basis.

Canaccord Genuity Wealth Management generated revenues of C$146m in the second quarter of fiscal 2021, up 27% from last year quarter.

Total client assets in the company’s global wealth management businesses amounted to C$73.4bn.

In North America, client assets increased 21% from C$20.4bn to C$24.6bn.

Client assets in the UK & Europe, and Australia were C$45.4bn and C$3.4bn, respectively, at the end of September 2020.

Canaccord Genuity Group president and CEO Dan Daviau said: “Our second fiscal quarter results reflect the breadth of our offerings, the resiliency of our business mix and the strength of the entire CG team.

“We earned record firmwide revenue for the second consecutive quarter and it was the strongest quarter on record for investment banking activities.

“Despite concerns about the pandemic’s ongoing influence on world economies, in addition to near-term political uncertainty in the UK and the US, we have good momentum and a supportive backdrop for activities in our core midmarket focus areas.”

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