Canaccord Genuity UK thumps home a record rise in revenue
CANACCORD Genuity yesterday reported record revenues at its UK and European capital markets arm, thanks to increased activity in investment banking and advisory.
The company said revenues in the UK and Europe for the three months ending December rose to $65.7m (£40.2m), a 53 per cent increase on the previous quarter and a new record for the business.
The unit’s investment banking revenue rose 119 per cent and advisory revenue increased 66 per cent. The firm, which is starting to see the results of the Collins Stewart Hawkpoint acquisition feed through into the business, also said its UK-based wealth management unit increased assets to $19bn in the quarter and was the main contributor to the unit’s revenue growth last quarter.
Canaccord has been trying to expand its offering by boosting the range of services it offers to clients and position itself as a mid-market corporate finance player. Overall, the Canadian group said 68 per cent of total revenues now came from outside of Canada. In capital markets, the business led or co-led 45 deals globally in the third quarter, raising C$3.3bn (£1.8bn).