Home Breadcrumb caret Industry News Breadcrumb caret Industry Canaccord posts record-breaking revenue in fiscal Q1 Revenue was driven by a 30% surge in investment banking By Staff | August 6, 2020 | Last updated on August 6, 2020 1 min read Robust growth in Toronto-based Canaccord Genuity Group Inc.’s investment banking business helped propel the firm to a record-breaking $377.7 million in revenue in the first quarter of its 2021 fiscal year (ended June 30, 2020). Canaccord reported net income of $28,964 in Q1 2021 — up 19.2% from a year ago — thanks in large part to a 30% increase in investment banking revenues. The firm has now increased its quarterly common share dividend by 10%. Capital markets revenue in Australia skyrocketed from $9.2 million a year ago to $42.5 million in Q1 2021, driven largely by increased investment banking activity in the mining and resource sectors. Investment banking revenue was up by 4.6% in the U.S., with strong growth in new issues in the health care and technology sectors. Excluding significant items, Canaccord’s combined global wealth operations reported net income of $24.3 million, up 4.4% from a year ago. Net income in North America was $7.6 million before tax, up from $2.7 million the previous quarter. The U.K. and Europe reported net income of $16 million before tax, up from $13 million the previous quarter. Client assets under management (AUM) in North America were $22 billion at the end of the quarter — up 4.8% year over year. Client AUM in the U.K. and Europe was $43.6 billion for the quarter, which amounted to a year-over-year decline of 4.4%. Staff The staff of Advisor.ca have been covering news for financial advisors since 1998. Save Stroke 1 Print Group 8 Share LI logo