Canaccord Genuity UK records £30bn assets under management for the first time
Assets under management (AUM) at Canaccord Genuity has topped £30bn for the first time after a year of growth at the business.
At 31 March 2021, the wealth manager in the UK and Europe had client assets of £30.2bn, an increase of a third from £22.7bn at the end of the 2020 financial year, and an increase of 1.7 per cent quarter-on-quarter.
Despite securing more AUM, the wealth management business’ UK and European arm earned revenue of £160.5m for the last financial year – a decrease of £3.8m or 2.3 per cent when compared with the 2020 fiscal year.
The fourth quarter in 2021 proved one successful for revenue, with Canaccord recording an revenue increase of 7.8 per cent to £42.9m, up around £3.1m on the third quarter.
Meanwhile pre-tax profit at the firm improved to 23.5 per cent for the 2020 financial year.
David Esfandi, CEO of Canaccord Genuity Wealth Management in the UK & Europe, said: “Against the backdrop of a unique and ever evolving year, the latest results and breakthrough AUM reflect our consistent delivery on business priorities and strategic growth ambitions.
“We continue to invest in our systems, brand and digital operations as part of our relentless drive to enhance our client service.”
In April, just after the end of the firm’s 2021 financial year, the group bought Scottish private client investment management business Adam & Co from Royal Bank of Scotland for £54m.
Esfandi continued: “We are delighted that our recently announced agreement to acquire Adam & Company progresses our ambitious growth plans and that we enter the Scottish market with such a deeply established and high calibre firm of professionals.”