Canaccord Genuity Wealth Management in the UK & Europe, which has offices in Guernsey and Jersey, has announced revenues of £36.1 million during the third quarter of fiscal 2018 – an increase of £15.2 million, or 73.1 per cent, compared with the same quarter last year.
The firm attributes 90 per cent of this increase to the acquisition of fund manager Hargreave Hale last summer, and 10 per cent to organic growth.
Excluding significant items, such as restructuring costs and acquisition-related expenses, Canaccord UK & Europe recorded net income of £6.9 million before taxes for the third quarter of fiscal 2018, an increase of £2 million over the same period of the prior fiscal year.
At 31 December 2017, the business had assets under management of £25.8bn – up 5.8 per cent from £24.4bn at the end of the previous fiscal quarter, and up 83.1 per cent from £14.1bn at the end of the third quarter of the previous fiscal year.
David Esfandi, CEO of Canaccord Genuity Wealth Management in the UK & Europe, commented: "We continue to see strong momentum in our business for our third fiscal quarter, having increased assets under management by 5.8 per cent over the three-month period. I am also very pleased to report that we are ahead of schedule with our integration efforts."