Canaccord Genuity Wealth Management’s UK & European business ended 2013 with record-breaking revenues of £14.9 million ($24.3 million), it declared today.

Canadian-headquartered Canaccord Genuity Wealth Management’s UK & European business ended 2013 with record-breaking revenues of £14.9 million ($24.3 million), it said yesterday.

Ending on 31 December, the quarter’s results also saw the group’s assets under management reaching £10.8 billion ($17.6 billion), almost doubling since Canaccord Genuity acquired the business in March 2012.

The financial services firm’s wealth management in the UK recorded a pre-tax net income of £1.9 million ($3.1 million) after inter-segment allocations and excluding significant items.

It was not only in the UK that the firm prospered; globally Canaccord Genuity Wealth Management had its largest revenue contribution so far in the Canadian financial year, which runs 1 April-31 March.

Clocking up £31.1 million ($50.6 million) in revenue worldwide last quarter, its clients assets on a global scale stood at £16 billion ($26.1 billion).

However, its North American wealth management arm did not have equal measures of success. Despite generating £15.3 million ($25 million) in revenue, after inter-segment allocations it recorded a net loss of £2.6 million ($4.2 million) before tax in the third quarter of the Canadian financial year.

Its Canadian assets under management were unable to grow back to their height at the end of 2012. With a one per cent increase from the second quarter of 2013, its AuM last quarter stood at £5.2 billion ($8.6 billion), much lower than the £6.3 billion ($10.3 billion) it racked up a year earlier.