In its third quarter result statement the firm said discretionary and non-discretionary assets under management totalled £11.4bn as at September 30, an increase of 1% the end of the previous quarter and an increase of 12% from September 30, 2014.
Wealth management operations in the UK and Europe generated $34m in revenue and, net income of $6m before taxes. Globally, Canaccord Genuity Wealth Management generated $62.5m in revenue in the quarter.
“Our UK Wealth Management operations generated revenue of $34 million, an increase of 14% compared to the second quarter of fiscal 2015,” said Dan Daviau, president and CEO of Canaccord Genuity Group.
“Since 70% of revenue in this business is attributable to fee-related activities, it is less sensitive to changes in market conditions,” Daviau contined. While a percentage of total asset growth is attributable to the impact of foreign exchange rates, revenue growth for the period demonstrates our ability to attract and retain assets in a challenging market environment,” he added.
