A GROWING CONTRIBUTOR TO FIRM-WIDE EARNINGS GROWTH AND STABILITY
Over the last five years, our combined wealth management businesses have steadily increased revenue and net income contributions, improving the strength and stability of our earnings. We will continue to invest with discipline in the growth of this segment, and advance our recruiting, client experience and organic growth initiatives to further enhance our long-term earnings potential.
UK & Crown Dependencies – Building upon exceptional growth
Fiscal 2021 revenue in this business was $277.3 million, and, excluding significant items(1), the pre-tax profit margin was 23.5%. A significant investment from HPS has added a regional partner to support future growth, and we will expand into Scotland with our acquisition(3) of the investment management business of Adam & Company.
Canada – a leading independent wealth manager in the country
With a robust environment for new issue activity, fiscal 2021 revenue in this business grew by 55% to $324.0 million, and, excluding significant items(1), the pre-tax profit margin was 19.3%. Our growth in this region has outpaced the broader industry, and we continue to build upon our recruiting and organic growth initiatives.
Australia – Gaining momentum as a premier brand for small- and mid-cap equities
Fiscal 2021 revenue in this business grew to $62.2 million, and, excluding significant items(1), the pre-tax profit margin was 11.9%. We expect to continue growing client assets in this business organically, and through targeted recruiting and tuck-ins.