Canaccord snaps up advisers as assets hit £14bn

Canaccord snaps up advisers as assets hit £14bn

Canaccord Genuity Wealth Management has seen its assets under management jump by 18 per cent, as it embarks on a recruitment drive to take on more advisers.

 According to an update published today (10 February), the firm saw assets under management hit £14.1bn between October and December last year, up from the £11.9bn posted during the same period in 2015.

Canaccord was given a boost over the period by the strong net inflows into its range of in-house investment funds.

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The firm has seen its revenue in the UK and Europe hit nearly £30m during the quarter, up 21 per cent from the £17.3m seen over the same period in 2015.

Net income hit before tax also climbed, reaching £4.9m from the £3.2m posted in 2015.

David Esfandi, chief executive of Canaccord in the UK & Europe, said the firm’s performance reflects growing demand from clients who want a wealth manager which offers discretionary, advisory and stock broking services.

He added: “As part of our growth strategy, we are also making excellent progress recruiting industry-leading advisers and investment professionals to our platform.”