Canadian-based Canaccord Genuity Wealth Management has recently announced its financial results for the fiscal quarter ending June 2023.

Canaccord Genuity Wealth Management in the UK & Crown Dependencies earned revenue of £61.4 million ($78 million) in the first fiscal quarter, up £15.7 million or 34.4 per cent compared with the same quarter of the previous fiscal year.

It recorded net income of £15.9 million before taxes for the first quarter, an increase of £4.2 million or 35.9 per cent over the same period of the prior fiscal year, the firm said in a statement. Canaccord Genuity Wealth Management in the UK & Crown Dependencies had client assets of £32.5 billion in June, a drop of 2.4 per cent from £33.3 billion at the end of the first quarter in the previous year (a rise of 4.8 per cent in Canadian dollars). The results were orginally reported in Canadian dollars and much depends on currency fluctuations. Pre-tax profit margin excluding significant items improved, rising to 25.8 per cent during the first quarter, the firm continued.

“We are in a strong position to make the most of new growth opportunities, now that all the hard work has been done to integrate the acquired businesses,” David Esfandi, CEO of Canaccord Genuity Wealth Management in the UK & Crown Dependencies, said.

“We constantly look for ways to improve access to our investment management and financial planning proposition and we are currently adding new distribution channels and improving our digital offering. We want to work alongside our clients to navigate these turbulent times and ensure they have everything they need from our best-in-class wealth management service,” he continued.

The firm said its combined global wealth management operations earned revenue of C$191 million for the first fiscal quarter, a year-over-year increase of 17.8 per cent. Net income before taxes, excluding significant items for this segment, increased by 45.6 per cent year-over-year, to C$36 million. Total client assets in the firm’s global wealth management business increased by 7.2 per cent year-over-year to C$97.3 billion, reflecting year-over-year increases of 9.8 per cent in Canada and a rise of 15.2 per cent in Australia, the firm added.

"Following a brief period of modest recovery, market conditions in our first fiscal quarter continued to be challenging for capital raising and M&A activities. Our wealth management businesses have continued to perform well, providing resiliency in our results," Dan Daviau, president and CEO of Canaccord Genuity Group, said.

"The [economic] environment appears to be improving as our clients begin to anticipate recovery and we are hopeful for stronger business activity towards the second half of this fiscal year,” he added.

Overall, the firm’s first quarter revenue reached C$343.3 million ($257 million), an increase of 8.2 per cent over the same period in the prior year, the firm said. First quarter net income before taxes, excluding significant items, totalled C$32.9 million, an increase of 19.8 per cent.