Canaccord Genuity Wealth Management (CGWM), UK & Europe, has released its financial results for the three months ending 30 June 2019 (the first quarter of fiscal 2020).
• CGWM in the UK and Europe earned revenue of £41.9m during the quarter, an increase of £4.3m (11.6%) on the same quarter of the previous fiscal year. According to the business, this reflects increased client assets and contributions from the acquisitions this year of financial advisory firm McCarthy Taylor and Thomas Miller Wealth Management.
• Excluding significant items, CGWM recorded net income of £8.1m before taxes, an increase of £0.4m (5.2%) on the same period of the prior fiscal year.
• At 30 June 2019, the business had client assets of £27.4bn, an increase of 8% from £25.4bn at the end of the previous fiscal year (including contributions from the two recent acquisitions).
David Esfandi, CEO of Canaccord Genuity Wealth Management in the UK & Europe, commented: “We are delighted to report another excellent quarter with double-digit revenue growth. The past two years have seen the integration of three businesses, culminating in the recent additions of McCarthy Taylor and Thomas Miller to further enhance our financial planning capabilities.”
Note: figures originally reported in C$; values reflect an average currency conversion rate of 1.7183 for Q1/20 and a conversion rate of 1.6621 at 30 June 2019.