Canaccord Genuity breaches £25bn in AUM

Canaccord Genuity Wealth Management’s UK and Europe branches reached the £25bn assets under management mark by the end of the third quarter for the fiscal year 2018.

Canaccord Genuity breaches £25bn in AUM

The Canadian wealth manager’s discretionary and non-discretionary assets in Europe, including the UK, climbed from £24.4bn to £25.8bn between the second and third quarters, an increase of 7.3%. However, in sterling terms, AUM growth was up 5.8% quarter on quarter.

Compared with the previous year, total assets were 87.3% higher, growing from £14.1bn to £25.8bn.

Globally, the wealth manager’s total AUM reached $59.2bn (£42.6bn) over the period, up 63.8% or $23bn from the previous year.

Its acquisition of fellow wealth manager Hargreave Hale was the primary driver of the dramatic leap in AUM, gifting the group an additional £8bn in assets under administration, management and management contract.

The acquisition also helped boost revenues across its UK and European businesses during the quarter. The absorption of Hargreave Hale was 90% responsible for the 73.1% hike in revenue to £36.1m, the firm said, with the last 10% coming from organic growth.

David Esfandi, chief executive of Canaccord Genuity Wealth Management in the UK & Europe, said: “We continue to see strong momentum in our business for our third fiscal quarter, having increased assets under management by 5.8% over the three‐month period, to £25.8bn.

“I am also very pleased to report that we are ahead of schedule with our integration efforts, and with this progress, we look forward to capturing the greater value from our operating scale, while simultaneously delivering increasingly stronger benefits for our clients.”

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