Profits up 27 per cent at Blackpool investments company
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Canaccord Genuity Wealth Management, UK said it had earned revenue of £181.4m during fiscal 2022, an increase of £20.9m or 13 per cent compared to the previous fiscal year.
It also posted net income excluding significant items of £49.6m before taxes for the year, an increase of £11.9m or 31.4 per cent over the prior year.
The firm had client assets of £32.1bn, an increase of 6.4 per cent from £30.2bn at the end of fiscal 2021, while its pre-tax profit improved to 27.3 per cent an increase of 3.8 per cent.
David Esfandi, chief executive of Canaccord Genuity Wealth Management in the UK said: “We are pleased to report an increase in revenue and margins year on year, despite the challenging economic environment. The end of this year also signals the completion of the Punter Southall Wealth acquisition, which follows the finalisation of the purchase of Adam and Co in October 2021.
"With the companies we acquire we always aim to expand our expertise or geographical reach – PSW led to us approximately doubling the size of our financial planning team and Adam and Co enabled us to establish a Scottish presence.
“2022 has been turbulent for the markets and CGWM UK is committed to helping clients navigate these volatile times. We continue to be focused on delivering outstanding investment returns for clients, providing them with a market- leading client experience through the development of our hybrid technology proposition and being an integrated provider of investment management and financial planning services.”