Canaccord Genuity Wealth Management has reported a year on year 27 percent increase in assets under management in its UK and Europe wealth management operations to C$20.5 billion at the end of its first fiscal quarter of 2015 which ended 30 June 2014.
The Canadian manager generated $30.1 million in revenue and, after intersegment allocations, and excluding significant items, recorded net income of C$5.1 million before taxes in the UK and Europe.
Canaccord Canadian wealth management division increased revenues by 22 percent to $32.4 million and increased assets under administration to C$11 billion, an improvement of 18 percent compared to the first quarter of last year.
"We continue to focus on growing our share of fee-based and discretionary managed accounts with existing advisory teams and through targeted recruitment. As a result of these initiatives, we have successfully increased Canadian assets under management by 44 percent year-over-year to C$1.3 billion."
The wealth manager said: "We are committed to growing our global wealth management operations and we have begun to invest strategically in advancing the scale and scope of this business. The Canadian launch of our proprietary Global Portfolio Solutions (GPS) product is expected later in the fiscal year. In the UK, the November 2014 projected launch of a new front- and back-office system will provide the necessary infrastructure for continued growth in the region."
Paul Reynolds president and chief executive said: "By leveraging our expanded operations and integrated service model, we will continue to reinforce a culture of cost containment across the firm, while making disciplined investments in areas that support our growth and enhance our competitive strengths.
"We are committed to maintaining our strong position in Canadian capital markets and growing our wealth management business in that geography. We will continue to invest strategically in our US capital markets division, a business we expect to grow aggressively in the coming years.
"In the UK and Europe, we will focus on enhancing our leading position in the mid-market and growing our advisory capability in continental Europe. We will also continue to pursue strategic opportunities to grow our UK wealth management business.
"We see significant opportunity for growth in the Asia-Pacific region and, in response to growing client demand, are working towards establishing a robust sales, trading and research capability in Singapore."
Globally, Canaccord generated C$64.1 million in revenue.