Canaccord Genuity Group has earned revenues of C$206.2m in the first quarter of fiscal 2017, down 3.9% compared to C$214.5m a year earlier.
The company's net income for the period was C$7.5m, down compared to net income of C$11m in the prior year.
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Expenses during the period dropped 2.9% to C$196.2m from C$202m a year ago.
Canaccord Genuity Wealth Management generated C$63.9m in revenue on a global basis in the first quarter of fiscal 2017, while Canaccord Genuity Wealth Management (North America) generated C$29.5m.
In Canada, the unit's assets under administration at the end of June 2016 stood at C$9.8bn, a fall of 7.8% from C$10.6bn in the prior-year quarter.
Discretionary assets under management in Canada were C$1.27bn, a 10.6% decline from C$1.4bn a year earlier.
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By GlobalDataCanaccord Genuity Wealth Management (UK & Europe) earned C$33.2m in revenue. In the UK & Europe, the unit's assets under management (discretionary and non-discretionary) dipped 1.8% year-on-year to C$22.4bn from C$22.8bn.
Canaccord Genuity Group president and CEO Dan Daviau said: “During the quarter we made strong progress to achieve most of our cost reduction initiatives and we delivered on our commitment to strengthen our alignment with our shareholders through the completion of our employee private placement.
“While we are encouraged by improving activity levels in Canada, Australia and the U.S., we expect continuing challenges for our UK and Europe capital markets operations given the uncertainty in that region. In addition, the continued stability of our wealth business in the UK and Europe and the return to profitability of our Canadian wealth business provide added confidence in our outlook.”
