Canaccord flips back to black
CANACCORD Financial, the parent company behind City broker Canaccord Genuity, yesterday said it reversed into profit last quarter.
The Canadian firm said first quarter profits were C$7.9m (£5m), reversing a net loss of C$20.6m for the same period last year.
“This was a record quarter for our US division and another solid performance by our UK and European operations,” boss Paul Reynolds said.
Canaccord Genuity generated advisory revenues of C$35.9m for the quarter, a 43 per cent increase on last year. Its wealth management made C$54.6m in revenues.