On a year-to-date basis, revenue amounted to C$573.3 million, an increase of 12.1 per cent compared with the first nine months the previous year, the firm said in a statement. Net income before taxes, excluding significant items, rose by 3.7 per cent and 19.8 per cent year-over-year for the three and nine-month periods, the firm continued.

Total client assets in the global wealth management businesses at the end of the third quarter amounted to C$99.2 billion, a rise of C$4.8 billion or 5.1 per cent on the year earlier.

UK & Crown Dependencies
Canaccord Genuity Wealth Management in the UK & Crown Dependencies generated third quarter revenue of C$101.8 million, a jump of 18.8 per cent on the previous year, primarily driven by higher quarterly interest income offset by a small decrease in commissions and fees revenue. Pre-tax net income for this business excluding significant items was C$25.5 million in the third quarter and $74.9 million fiscal year-to-date, representing year-over-year increases of 11.3 per cent and 25.3 per cent respectively, the firm said.

Measured in local currency, revenue was £60.2 million ($76 million) in the third quarter, a rise of 12.1 per cent on the year earlier. Revenue reached £181.1 million on a year-to-date basis, an increase of £29 million or 19 per cent on the year earlier, the firm continued.

Client assets in the UK & Crown Dependencies were C$56.8 billion (£33.7 billion) at the end of 2023, an increase of 4.4 per cent (1.4 per cent in local currency) from C$54.4billion (£33.2 billion) on the previous year. On a sequential basis, client assets climbed by 8 per cent (6 per cent in local currency) from C$52.6 billion (£31.7 billion) at the end of the previous quarter, primarily due to improvements in market values and foreign exchange movement.

“We are comfortably on track to deliver record revenue and net income for our full fiscal year,” David Esfandi, CEO of Canaccord Genuity Wealth Management in the UK & Crown Dependencies, said. “We also continue to demonstrate our ability to identify and incorporate like-minded businesses and will be we look forward to finalising our acquisition of Intelligent Capital in the coming months,” he added.

North America
Canaccord Genuity Wealth Management in North America generated C$77 million in third quarter revenue, a drop of 0.4 per cent on the year earlier, the firm said. Net income before taxes for this business, excluding significant items, was C$10.8 million in the third quarter and C$29 million for the first nine months, representing a year-over-year fall of 12.6 per cent and a rise of 1.5 per cent respectively. Client assets in North America were C$36.3 billion at the end of December 2023, an increase of 4.5 per cent on the year earlier.

Australia
Wealth management operations in Australia generated C$16.2 million in third quarter revenue, a drop of 2.7 per cent on the year earlier, the firm added. Net income before taxes for this business, excluding significant items, was C$1.5 million in the third quarter, compared with C$1.2 million the previous year. Client assets in Australia were C$6.1 billion at the end of December 2023, a jump of 12 per cent from C$5.5 billion at the end of the previous quarter and a rise of 16.6 per cent from C$5.3 billion on a year earlier.