Canadian-based Canaccord Genuity Wealth Management has just announced its financial results for the three months ending December 2024.

Latest figures show that revenue at Canaccord Genuity Wealth Management for the three months ending 31 December 2024 climbed by 19.7 per cent year-over-year, reaching C$233.4 million ($163 million).

Net income before taxes, excluding significant items, for this segment decreased by 4.2 per cent for the last quarter of 2024, the firm said in a statement. Total client assets in the company's global wealth management businesses at the end of the last quarter of 2024 amounted to C$115 billion, an increase of C$15.8 billion or 15.9 per cent compared with the previous year.

UK & Crown Dependencies
Wealth management operations in the UK & Crown Dependencies generated record revenue of C$115.8 million ($81 million and £64.7 million) in the last quarter of 2024, an increase of 13.8 per cent compared with the same period last year, primarily driven by higher commissions and fees revenue.

Fee-related revenue for the same quarter increased by 11 per cent from the same period in the prior year and accounted for 82.8 per cent of the wealth management revenue in the UK & Crown Dependencies during the last quarter of 2024. Excluding significant items, pre-tax net income for this business was C$25.4 million in the same quarter, substantially unchanged from the previous year, the firm continued.  

At the end of 2024, client assets in Canaccord Genuity Wealth Management in the UK & Crown Dependencies reached a new high of £35.9 billion ($45 billion), a year-over-year increase of 6.6 per cent.

“We are proud of another set of record-breaking results at Canaccord Wealth in the UK and Crown Dependencies,” David Esfandi (pictured), CEO of Canaccord Genuity Wealth Management in the UK & Crown Dependencies, said. “Our strong growth in client assets and revenues is further validation of the actions we are taking in our goal to become the best integrated wealth manager by performance and service,” he added.

“Our continued investment in technology is another vital component in meeting the high expectations our clients have, and I am excited by what we can achieve in the year ahead,” he said.

North America
Canaccord Genuity Wealth Management North America generated C$96.4 million revenue in the last quarter of 2024, a year-over-year increase of 25.1 per cent compared with the previous year, primarily driven by increases in commissions and fees, investment banking and interest revenue. Fee-related revenue improved by 21.7 per cent year-over-year and accounted for 49.5 per cent of the wealth management revenue in Canada during the last quarter of 2024. Excluding significant items, net income before taxes for this business was C$9.0 million in the last quarter of 2024, representing a year-over-year decrease of 16.6 per cent, the firm said.

Australia
Wealth management operations in Australia generated revenue of C$21.2 million in the last quarter of 2024, an increase of 31.3 per cent compared with the previous year, the figures show. Fee-related revenue increased by 44 per cent year-over-year and accounted for 43.4 per cent of the wealth management revenue in the company’s Australia wealth management operations during the three months ending 31 December 2024. Excluding significant items, net income before taxes for this business was C$1.8 million in the last quarter of 2024, representing an increase of 20.1 per cent.