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Canaccord Genuity WM assets rise 8.5% to £26.9bn

Canaccord Genuity WM assets rise 8.5% to £26.9bn

Canaccord Genuity Wealth Management’s assets under management rose 8.5% from £24.8 billion to £26.9 billion in the three months to the end of June.

Funds rose 75.8% from £15.3 billion year-on-year, much of that growth coming from the purchase of Hargreave Hale in 2017.

That brought about an over £10 billion – or 69% – gain in assets to £24.8 billion,  propelling it into the top 10 UK wealth firms.

Over the period, the company also saw revenue increase by £15.4 million to £37.5 million year-on-year, while net income before taxes was up £2.8 million to £7.7 million for the same period.

Canaccord Genuity WM’s CEO in the UK & Europe, David Esfandi (pictured), said: ‘Client focus continues to drive everything we do, and I believe our continued emphasis on developing niche propositions ‐ such as our recently launched ESG Portfolio Service and smaller‐company investing – along with our focus on developing our people and being an employer of choice, are helping to cater for emerging and changing client needs and have been a key part of our growth.’

In June, Canadian parent Canaccord singled out the performance of the UK division, saying it had produced the 'most substantial’ contribution to its global wealth management operations.

More than 200 staff joined the firm following the acquisition of Hargreave Hale, which is being rebranded under the Canaccord banner.

A series of former staff left the firm in May with its London branch manager Samantha Cook being made redundant.

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