Canaccord Genuity Wealth Management UK and Europe’s assets under management increased by 25% over the past year, according to its latest quarterly report.
Client AUM stood at £32.4bn at the end of June, compared with £25.9bn at the end of June 2020. Assets climbed 7.3% higher from the previous quarter.
The firm reported revenue of £42.7m for the three months ended 30 June, an 8.1% increase on the same period the year before.
Net income was £11.3m before taxes for the period which was 21.5% higher than the same period in 2020, while the pre-tax profit margin improved to 26.5% during the quarter.
Canaccord Genuity Wealth Management UK & Europe CEO David Esfandi (pictured) said: “Our strong results reflect our ongoing commitment to deliver exceptional investment returns and client experience, through investing in our people, our technology, and our service.”
Esfandi also said the results demonstrated the positive impact of New York-based private equity house HPS Investment Partners’ £125m stake in the company, first announced in February.
“This investment and partnership not only allows us to build on the growth we have achieved so far, but also is a sign of confidence in the strength of our business,” he said.
Esfandi added CGWM’s acquisition of the investment management business of Adam & Company remains on-track to close at the end of the company’s second quarter (July-September).
“We look forward to developing our offering in the Scottish market with this highly-respected firm in due course,” he said.
