Canada-based Canaccord Genuity's wealth management business generated C$70.6 million globally during its loss-making quarter between 1 January and 31 March 2015.

 Group">Canaccord Genuity Group suffered a net loss of C$26.3 million ($29.3 million) over the quarter ending 31 March 2015. Its UK and Europe wealth management business made up more than half of the group's global wealth total revenues of C$70.6 million.

The group highlighted rough market conditions as its capital markets unit took a hit.

In the UK and Europe, wealth management operations generated net income of C$7.1 million over the quarter to the end of March. Revenues were C$35.7 million over the three months, making up more than half of the global total of C$70.6 million. Meanwhile, assets under management at the unit grew 8 per cent year-on-year to C$21.8 billion.

In North America, however, the wealth management business recorded a net pre-tax loss of C$1.3 million ($1 million) in the quarter ending 31 March. The region's advisory headcount shrunk 5 per cent year-on-year to 152 teams.

Canaccord Genuity Wealth Management's revenue for North America stood at C$33.1 million. Canada saw a 6 per cent year-on-year rise in assets under administration to C$10.7 billion and a 30 per cent rise in discretionary assets under management to C$1.6 billion.

Over the year to 31 March, Canaccord Genuity Group swung to a net loss of $11.3 million, compared to a net income of $52.1 million last year. As expenses grew 12 per cent to C$886.4 million, revenue still managed to reach a record C$880.8 million, up 3 per cent year-on-year.

Excluding significant items, diluted earnings per common share were C$0.25, down from C$0.54 the previous year.

“Despite a solid start to the fiscal year, a dramatic shift in global market conditions reduced activity levels in our capital markets business, which produced results below our expectations,” said the chairman and chief executive of Canaccord Genuity Group, David Kassie, in the results statement. 

“We have made significant efforts to address our operating structure and fixed costs, to better position our business for long-term, sustainable profitability in an evolving market.”

The results follow the recent passing of Canaccord Genuity's chief executive Paul Reynolds, who died in Kona, HI after competing in a triathlon.