Canaccord has seen an increase in its assets under management year-on-year between the period of January to March 2017.

Canaccord Genuity Wealth Management UK & Europe has logged a 19.9 per cent increase in its assets under management year-on-year from the period of January to March 2017.

The firm’s UK & Europe Wealth Management AuM went from £12.2 billion ($15.7 billion) to £14.7 billion, Canaccord reported in its financial statement for the period between January to March 2017.

Revenue generated for Canaccord WM in the UK & Europe stood at £20.2 million, an increase of £1.9 million from the same quarter of the previous fiscal year.

Net income was logged at £3.4 million before taxes, an increase of £800,000 over the same period of the prior fiscal year.

During the period of March 2016 and March 2017, Canaccord WM UK & Europe generated revenue of £79.1 million, an increase of 12.4 per cent year-on-year.

Within the same period, it recorded net income of £16.2 million before taxes, an increase of £4.1 million year-on-year.

“We continued to deliver strong financial performance, a testament to the strength of our expertise, value proposition and client‐centric culture,” said David Esfandi, chief executive.  “Throughout the fiscal year, we made excellent progress to deliver on our growth strategy through the recruitment of key client‐facing investment professionals and we welcomed new clients and assets through the acquisitions of strategic books of business. For the longer‐term, we will continue to focus on growing assets under management, recruiting talented professionals to our platform and enhancing our range of in‐house investment funds."