Canaccord Genuity Wealth Management provides comprehensive wealth management solutions and brokerage services to individual investors, private clients, charities and intermediaries, through a full suite of services tailored to the needs of our clients. Our advisors are entrusted with $30.9 billion in assets under administration and management worldwide and operate from 21 offices in Canada, Australia, the UK and the Channel Islands.
Canaccord Genuity Wealth Management provides clients with the focused, personalized service they expect from a local investment manager, along with the benefits and backing of a global financial institution.
During fiscal 2015, we expect to launch our proprietary Global Portfolio Solutions (GPS) product, which combines research and portfolio management with forward-looking risk management solutions. Canaccord’s successful product, based on a similar model in the UK, has been recognized as a best-in-class investing discipline and is therefore expected to be well received by wealth management clients across all our geographies.
Global Assets under Administration and Management
(C$ billions, fiscal years)
Global Assets under Administration and Management
(C$ billions, fiscal years)
| Year | Global Assets under Administration and Management (C$ billions, fiscal years) |
| 2010 | 12.9 |
| 2011 | 17.0 |
| 2012 | 27.9 |
| 2013 | 26.8 |
| 2014 | 30.9 |
Global Wealth Management Revenue
(C$ millions, fiscal years)
Canaccord genuity REVENUE 20102014 (C$ millions, fiscal years)
| Year | Canaccord genuity REVENUE 20102014 (C$ millions, fiscal years) |
| 2010 | 187.0 |
| 2011 | 233.0 |
| 2012 | 201.3 |
| 2013 | 235.1 |
| 2014 | 228.8 |
$229
million in global revenue
Complete Canaccord embodies our holistic approach to wealth planning by offering a high level of personalized service alongside integrated investment management and financial planning solutions. Canaccord Genuity Wealth Management advisors are committed to providing investors with a broad array of solutions to simplify their busy lives, achieve their financial objectives and map an efficient course towards the coordinates of their life’s destinations.
$30.9
BILLION
in total assets under administration and management
21
worldwide
wealth management offices
Through acquisitions made over the last two years, we have strategically expanded our wealth management platform into new geographies, enhancing the consistency of our revenue streams through market diversification and increasing our fee-based wealth management revenues. In fiscal 2014, all of our wealth management businesses were rebranded Canaccord Genuity Wealth Management and we invested in a global advertising campaign to support our value proposition. The seamless transition was well received by clients and further strengthens our brand as a global leader in wealth management.
During the second half of the fiscal year, we appointed new regional leadership in both our UK and Canadian wealth management operations to advance the operational efficiency of the businesses and improve cross-selling and co-operation between our global offices. Our smaller Australian wealth management operation is also gaining traction, thanks in part to improved brand recognition in the region.
Our ongoing priorities for Canaccord Genuity Wealth Management will be focused on strengthening the performance of our Canadian business and continuing to grow assets under administration and management and fee-based revenues globally.
Canaccord Genuity Wealth Management has quickly become an important participant in the UK and European marketplace. With $20.2 billion in assets under management, our UK and Europe wealth management operations earned $113.0 million in revenue. Our 118 investment professionals and fund managers provide highly tailored wealth management, stockbroking and portfolio management services to individual investors, institutions and charities across the region.
To prepare for continued growth in the region, fiscal 2014 marked the kickoff of Project Dragonfly, the implementation of a sophisticated software platform designed to increase electronic processing throughout our UK and Europe wealth management business. Our investment in this world-class infrastructure will help further facilitate significant business expansion, and this transformational project is expected to be complete within the 2014 calendar year.
The highly competitive UK wealth management industry is in the midst of a consolidation period, and we expect to be a major participant in the aggregation activity in the region. In March, David Esfandi was appointed Chief Executive of Canaccord Genuity Wealth Management in the UK. Concurrent with this appointment, Stephen Massey assumed the role of Chairman of Canaccord Genuity Wealth Management in the UK. Together, David and Stephen possess the necessary leadership to help propel the growth of this business in the coming years.
26.5%
INCREASE
IN ASSETS UNDER MANAGEMENT FOR THE FISCAL YEAR
$20.2
BILLION
IN ASSETS UNDER MANAGEMENT
60.6%
FEE-BASED REVENUE
118
PROFESSIONALS
IN FIVE OFFICES
Revenue
(C$ millions)
Revenue (C$ millions)
| Year | Revenue (C$ millions) |
| 2013 | 91.8 |
| 2014 | 113.0 |
ASSETS UNDER MANAGEMENT
(C$ billions)
Assets Under Management (C$ billions)
| Year | Assets Under Management (C$ billions) |
| 2013 | 15.9 |
| 2014 | 20.2 |
In our Canadian wealth management business, an increase in fee-based and managed accounts led to a 44% increase in total assets under management and grew fee-based revenue to 32%, a new record for this region.
Throughout the year, we continued the strategic repositioning of this division and made important changes to better align our service offering with the changing needs and preferences of our Canadian clients. In January, we appointed Stuart Raftus as President of Canaccord Genuity Wealth Management in Canada. With more than 28 years of experience in the securities business, Stuart’s proven expertise in enhancing operational environments and exceptional commitment to client service make him well suited to lead this division.
We have focused in markets where we have developed a significant presence and those that show prospects for market share growth. We have implemented training programs to ensure our wealth management professionals have the tools and expertise to provide holistic wealth management advice to clients with diverse financial planning needs. And importantly, we have made operational and administrative adjustments which will meaningfully impact our margins. These steps, in combination with a more robust Canadian market, are expected to help this division become a greater contributor to the overall franchise.
We are committed to growing our assets under management and advisory fees and, with our stronger client service philosophy, gaining new client relationships and increasing share-of-wallet from our existing clients.
22.2%
DECREASE
IN ANNUAL EXPENSES
ASSETS UNDER MANAGEMENT – DISCRETIONARY, AND FEE-BASED REVENUE AS % OF TOTAL REVENUE
Assets under Management – Discretionary, and fee-based revenue as % of total revenue
| Year | Assets under management - discretionary (C$ millions) | Fee-based revenue as a % of total revenue |
| 2010 | 445 | 12.8 |
| 2011 | 546 | 13.0 |
| 2012 | 677 | 18.9 |
| 2013 | 835 | 26.2 |
| 2014 | 1,204 | 32.2 |
Canaccord Genuity Wealth Management has offices located in Melbourne and Sydney and offers services to a growing number of Australian and Southeast Asian investors.
Our team of nine advisors has continued to build momentum, increasing assets under management by 23% during fiscal 2014, to $555 million. As we build out our global wealth management offering, we expect to expand our presence in this important geography.
ASSETS UNDER MANAGEMENT
(C$ millions)
ASSETS UNDER MANAGEMENT (C$ millions)
| Year | ASSETS UNDER MANAGEMENT
|
| 2013 | 451.0 |
| 2014 | 555.0 |