Hargreave Hale acquisition boosts Canaccord’s assets 76%

Canaccord Genuity Wealth Management’s acquisitions has resulted in a 75.8% rise in assets under management during the second quarter of the 2018 fiscal year compared with the previous year.

The Canadian-headquartered wealth manager’s UK and Europe division saw its assets climb from £13.6bn to £24.4bn within the span of one year, after taking on board its acquisition of Hargreave Hale.

AUM rose 58.4% from £15.3bn at the end of the previous fiscal quarter.

The dramatic leap in AUM was primarily down to its £52m purchase of fellow wealth management business Hargreave Hale, which added around £8bn in assets under administration, management and management contract.

David Esfandi, Canaccord Genuity WM CEO said: “This was a pivotal quarter for our firm as we closed our acquisition of Hargreave Hale and began our integration efforts.

“With the combined assets and funds growth from both of our businesses, we now manage over £24bn, a development that firmly establishes Canaccord Genuity Wealth Management as a top 10 independent wealth manager in the UK by assets.”

Over the second quarter, the firm’s European operations generated £22.1m in revenue, £3.8m higher than the year prior.

Net income before taxes was £1.4m higher at £4.9m.

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