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Canaccord Genuity WM's assets flatline at £27 billion

Canaccord Genuity WM's assets flatline at £27 billion

Canaccord Genuity Wealth Management's assets under management flatlined over the three months to September, finishing the third quarter at £26.9 billion.

This was the same figure that was reported at the end of the second quarter. It was a similar story for Canaccord Genuity Wealth Management in the UK & Europe's revenue, which stood at £37.5 million at the end of September, flat on the previous quarter. Nevertheless, this represented a 64.1% increase year-on-year, reflecting the firm’s acquisition of Hargreave Hale in 2017, which brought in £10 billion of assets.

Pre-tax income totalled £7.6 million over the three-month period, slightly lower than the second quarter figure of £7.7 million.

David Esfandi (pictured), chief executive of Canaccord Genuity Wealth Management in the UK & Europe, said: ‘As we move into 2019, we look forward to navigating the market opportunities and challenges for our clients and building on this year’s success.’

In October, Wealth Manager revealed that Canaccord planned to close Hargreave Hale's Carlisle branch, transferring clients over to the Lancaster office.

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