Canaccord Genuity Wealth Management

During prolonged difficult markets, our wealth management businesses are an important source of earnings power and stability. Throughout a challenging year, CG investment professionals in all regions maintained an unwavering focus on helping our clients navigate uncertainty, while supporting their long-term goals.
$96.2 billion in total client assets
Although below their peak, assets in our global wealth management businesses remained resilient in light of the significant reversal in global markets. We experienced positive inflows in all our businesses, bolstered by our targeted recruiting and acquisition activities.

ALL CG WEALTH MANAGEMENT BUSINESSES CONTRIBUTED TO OUR FISCAL 2023 PROFITABILITY

We have continued to invest in the development of all our wealth businesses with a strong focus on supporting long-term profitable growth in this important segment.

GLOBAL WEALTH MANAGEMENT CLIENT ASSETS

(C$ billions, fiscal years ended March 31)
2023: $96.2; 2022: $96.1; 2021: $88.8; 2020: $60.7; 2019: $65.7

GLOBAL WEALTH MANAGEMENT REVENUE(1)

(C$ millions, fiscal years ended March 31)
2023: $708.3; 2022: $720.4; 2021: $663.6; 2020: $511.4; 2019: $461.8

GLOBAL WEALTH MANAGEMENT INCOME BEFORE INCOME TAXES(2)

(C$ millions, fiscal years ended March 31)
2023: $125.7; 2022: $148.5; 2021: $135.3; 2020: $80.2; 2019: $75.4

UK & CROWN DEPENDENCIES

With a higher concentration of fee-based revenue, this business was our strongest contributor of revenue and net income in this segment for fiscal 2023. We have focused on integrating recent acquisitions and driving organic growth strategies across the UK & Crown Dependencies, and we are beginning to see positive impacts from improved synergies and our expanded financial planning capability.

UK & Crown Dependencies Wealth Management Client Assets(3)

(C$ billions and £ billions, fiscal years ended March 31)
2023: $55.1, £33.0; 2022: $52.8, £32.1; 2021: $52.3, £30.2; 2020: $39.9, £22.7; 2019: $44.2, £25.4;

UK & Crown Dependencies Wealth Management Income before Income Taxes(2)

(C$ millions, fiscal years ended March 31)
2023: $86.1; 2022: $84.8; 2021: $65.3; 2020: $56.5; 2019: $48.5;

CANADA

Increased interest revenue of $46.2 million helped to offset the impact of reduced underwriting activity in this business during fiscal 2023. Subsequent to the end of the year, we welcomed Mercer’s Canadian Private Wealth business, and we are looking forward to making a positive impact for these advisors and their clients in the coming months and years.

Canada Wealth Management Client Assets(3)

(C$ billions, fiscal years ended March 31)
2023: $35.7; 2022: $37.9; 2021: $32.2; 2020: $18.4; 2019: $20.7;

Canada Wealth Management Income before Income Taxes(2)

(C$ millions, fiscal years ended March 31)
2023: $39.5; 2022: $56.3; 2021: $62.6; 2020: $22.7; 2019: $26.8

AUSTRALIA

This business was also impacted by the abrupt decline in underwriting activity throughout the fiscal year, which led to a 40% year-over-year reduction in investment banking revenue. Client assets increased modestly compared to last year, largely in connection with our recruiting initiatives in the region.

Australia Wealth Management Client Assets(3)

(C$ billions and A$ billions, fiscal years ended March 31)
2023: $5.4 Canadian, $6.0 Australian; 2022: $5.4 Canadian, $5.7 Australian; 2021: $4.2 Canadian, $4.4 Australian; 2020: $2.4 Canadian, $2.7 Australian; 2019: $0.9 Canadian, $0.9 Australian

Australia Wealth Management Income before Income Taxes(2)(4)

(C$ millions, fiscal years ended March 31)
2023: $0.1; 2022: $7.3; 2021: $7.4

(1) Beginning in Q3/20, amounts include Australia wealth management.

(2) These figures exclude significant items. Figures excluding significant items are non-IFRS measures. See Non-IFRS Measures on page 14 and a reconciliation of non-IFRS measures that exclude significant items to the applicable IFRS measures on page 24.

(3) Assets under administration, management and management contract.

(4) Australia wealth management contributions were previously recorded as part of Canaccord Genuity Capital Markets Australia. Commencing in Q3/20, they are disclosed as a separate operating segment. Fiscal 2020 income before income taxes reflects results only subsequent to the completion of the Patersons acquisition on October 19, 2019.