Canaccord Genuity Group Inc
TSX:CF
Canaccord Genuity Group Inc
Canaccord Genuity Group, Inc. operates as a financial services company. The company is headquartered in Toronto, Ontario and currently employs 2,510 full-time employees. The company went IPO on 2004-06-30. The firm has operations in two principal segments of the securities industry: wealth management and capital markets. Its Canaccord Genuity Wealth Management operations provides wealth management solutions and brokerage services to individual, investors, private clients, charities and intermediaries. The Company’s wealth management division has Investment Advisors (IA) and professionals in Canada, the United Kingdom, Jersey, Guernsey, the Isle of Man and Australia. Its Canaccord Genuity Capital Markets operations provides institutional and corporate client’s investment banking, merger and acquisition, research, sales and trading services with capabilities in North America, the United Kingdom and Europe, Asia, Australia and the Middle East.
Revenue: Consolidated revenue was $448 million, up 5% year-over-year but down 3% quarter-over-quarter.
Wealth Management Strength: Wealth business hit record revenues in the U.K. and Australia, with client assets reaching a record $125 billion.
Advisory Slowdown: Advisory revenue fell sharply, down 27% year-over-year and 46% quarter-over-quarter, especially in the U.S., due to market and policy uncertainty.
Trading Volumes: Increased trading activity partially offset advisory shortfalls but drove higher trading costs and pressured margins.
Profitability: Adjusted pretax net income was $33 million, up 4% sequentially; EPS of $0.13 improved 8% over the previous quarter.
Margin Outlook: Management expects further margin and fee growth in Wealth Management, with a strong advisory pipeline and improving Capital Markets conditions.
Dividend: Quarterly dividend of $0.085 per share was approved.
Cost Discipline: Non-compensation expenses rose modestly, mainly due to foreign exchange and new office costs, but cost containment efforts are ongoing.
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