Canaccord Genuity Group has earned revenues of C$181.8m during the third quarter of fiscal 2016, a rise of 9% from C$166.5m a year ago.
The company’s net loss for the period was C$346.4m compared to a net loss of C$21.5m a year earlier.
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Expenses jumped 177% to C$532.5m from C$192m in the prior year.
Canaccord Genuity Wealth Management has earned C$61.8m in revenue globally during the third quarter of fiscal 2016.
Canaccord Genuity Wealth Management (North America) generated C$25.6m in revenue, while Canaccord Genuity Wealth Management (UK & Europe) earned C$35m in revenue.
In Canada, the unit’s assets under administration declined 12% to C$9.04bn from C$10.31bn a year ago.
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By GlobalDataDiscretionary assets under management in Canada were C$1.26bn, down 12% compared to C$1.44bn in the third quarter of fiscal 2015.
In the UK & Europe, the unit’s assets under management (discretionary and non-discretionary) were C$24.5bn at the end of third quarter of fiscal 2016, up 21% compared to C$20.3bn in the prior year.
Canaccord Genuity Group president and CEO Dan Daviau said: "A number of cyclical factors in the broader economy continued to put pressure on revenue and negatively impacted our third quarter performance. We are making significant progress to reposition our business, with a strategy that is centered around improving our operational efficiencies and better aligning our core strengths, so that we can return to profitability and steadily improve our bottom-line returns."
