Canaccord Genuity Wealth Management reported revenue of £60.2m for its UK and crown dependencies’ 2024 third quarter to the end of December 2023, a 12.1% increase from the same period on the previous financial year.
For the fiscal year to this point, Canaccord’s UK offering has earned £181.1m in revenue, an increase of 19% from last year. Client assets, however, have increased just 1.4% year-over-year. Pre-tax profit margin for the year has slightly dropped to 24.5%, down 40 basis points.
The company reached a net income of £15.1m before taxes for the third quarter and £44.3m for combined quarters, up 5.3% and 17.4% from the previous year, respectively.
David Esfandi (pictured), CEO of Canaccord Genuity Wealth Management in the UK & Crown Dependencies, said: “We delivered an excellent quarterly result, and we are comfortably on track to deliver record revenue and net income for our full fiscal year, a testament to our approach to integrated wealth management.
“Our progress reflects our leading position as a truly holistic wealth manager and the pace at which we are progressing organic growth initiatives and opportunities to modernise. We also continue to demonstrate our ability to identify and incorporate like-minded businesses and we look forward to finalising our acquisition of Intelligent Capital in the coming months.”
Canaccord Genuity agreed to an acquisition of Scottish financial planning business Intelligent Capital in November of 2023, which holds £220m in client assets. The deal is expected to finalise in March.
This article was written for our sister title Portfolio Adviser