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November 15, 2018

Canaccord Genuity revenues surge as wealth management strengthens

Canaccord Genuity revenues for the second quarter of fiscal 2019 are up 57% to C$300m ($226.9m), the Group reported on Wednesday.

The company posted a net income of C$13.1m for the quarter ended 30 September 2018, as against a net loss of C$7.3m in the previous year.

Canaccord Genuity Wealth Management generated revenues of C$116.1m globally, while Canaccord Genuity Wealth Management (North America) posted revenues of C$52.2m.

In Canada, the company’s assets under administration totalled C$19.7bn at the end of September 2018. The figure marked a 54% surge from C$12.8bn last year.

Discretionary assets under management in Canada increased 55% to C$4.2bn on a year-on-year basis.

Canaccord Genuity Wealth Management (UK & Europe) generated C$63.9 m in revenues.

In the UK & Europe, assets under management (discretionary and non-discretionary) totalled C$45.2bn as at 30 September 2018, up 11% from C$40.8bn last year.

Canaccord Genuity Group president and CEO Dan Daviau said: “We are pleased to report our fourth consecutive quarter of meaningful year-over-year earnings growth, driven by continued strong financial and business performance.

“By growing contributions from our global wealth management operations and continually strengthening market share in our capital markets operations, we remain optimistic about the opportunities for our business and our ability to deliver superior returns for our shareholders.”

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