Canaccord Genuity Group has reported revenues of CAD199.8m for the first quarter of fiscal 2018, a fall of 3% compared to CAD206.2m in the same period last year.

For the period ended 30 June 2017, the company posted a net loss of CAD2.6m versus a net income of CAD7.5m a year ago. Expenses rose 3% to CAD201.6m from CAD196.2m a year ago.

Canaccord Genuity Wealth Management generated revenues of CAD76.1m globally, while Canaccord Genuity Wealth Management (North America) generated revenues of CAD36.9m.

In Canada, assets under administration totalled CAD12.7bn at the end of June 2017, a surge of 29% over CAD9.8bn in the previous year. Discretionary assets under management in Canada jumped 109% to CAD2.6bn from CAD1.3bn a year ago.

Canaccord Genuity Wealth Management (UK & Europe) earned CAD38m in revenue. In the UK & Europe, assets under management (discretionary and non-discretionary) totalled CAD25.8bn at the end of June 2017, up 15% from CAD22.4bn a year earlier.

Canaccord Genuity Group president and CEO Dan Daviau said: “The progress we are making to adjust our business mix and increase contributions from our global wealth management businesses is evident in our first quarter results, and we look forward to further enhancing our earnings stability following the integration of our recently announced acquisition to grow our UK wealth management business.”