Fiscal 2015 Annual Report
Shareholder information

Canaccord Genuity

With operations in 10 countries worldwide and the ability to list companies on 10 exchanges, Canaccord Genuity is a leading independent global investment bank focused on mid-market growth companies.

Our unique global perspective and cross-border capabilities are what differentiate us from our competitors. Our ability to leverage relationships and deep expertise across multiple regions allows us to provide a diverse range of growing companies with access to global capital markets, at all stages of the business cycle.

$613 million
in global revenue
$39 billion
raised for global growth companies during fiscal 2015
340 transactions
Canaccord Genuity participated in 340 transactions1  across the globe

(1) Transactions valued above $1.5 million.

Canaccord Genuity provides investment banking, advisory, sales and trading, equity research and fixed income services to corporate and institutional clients across the globe.

We have worked hard to improve our competitive position as a leading independent global investment bank with a focus on the mid-market. In recent years, we have made investments to enhance the depth and breadth of our offering, and improve our execution capabilities across our global platform. In all regions, clients of Canaccord Genuity enjoy a consistent service offering that is rooted in deep industry expertise and focused client attention. Additionally, our expansive global resources and entrepreneurial culture promote the sharing of ideas, best practices and value creation opportunities from around the world.

We are dedicated to delivering measurable value for clients focused on growth at every stage of the business cycle.

Looking ahead, we expect strong contributions from our capital markets operations in all regions. We will continue to pursue opportunities for organic growth, while taking a disciplined approach to investing in key areas of our business, with a focus on better serving our clients and creating long term value for our shareholders. We believe the diversification strategy within our long term business plan will continue to deliver strong results for this business.

Our operating results for fiscal 2015 demonstrate the success of our efforts to diversify our business and our revenue streams. During the fiscal year, our global capital markets business generated revenue of $613 million.

A welcome recovery in Canadian capital markets activity, in combination with improved financing levels across all regions, provided a strong start to our fiscal year. However, the heightened volatility that began late in our second quarter prevailed through much of the remainder of the 12-month period.

A global growth slowdown and a phase of swift US dollar appreciation negatively impacted commodity prices during fiscal 2015. During the period, crude oil, copper and gold prices dropped by 53.0%, 8.8% and 7.9%, respectively. Continuing economic and political uncertainty in many of the regions where we operate contributed to a difficult operating environment, which led to a postponement of transaction and advisory activity in many of our key markets.

While this market environment slowed our momentum in certain markets during fiscal 2015, our global teams worked hard to protect our market share and continued to improve our relevance to clients in key growth sectors of the economy. Our expansion efforts in recent years have firmly positioned our capital markets teams to achieve advisory and equity transaction leadership in the global mid-market.

Following the successful integration of our global businesses, we made important changes within the leadership and operating structure of our capital markets business during the latter half of the fiscal year. We believe these changes will improve collaboration between our global teams and accelerate the delivery of innovative thinking and solutions to clients focused on growth.

This refined structure allows us to bring a sharper management focus to our key priorities and maximize value for our clients – and our shareholders.

In February, Dan Daviau was appointed CEO of North American Capital Markets, an appointment that reflects his extensive track record of serving and growing our client base in both our Canada and US operations. At the start of fiscal 2016, Canaccord Genuity will combine its Canadian and US operations into a unified North American business and streamline our reporting businesses into three: North America, UK & Europe and Asia-Pacific.

As an independent global investment bank, we are able to maintain a level of agility in our business that allows us to stay competitive and meet the evolving needs of our clients. Our priorities for our capital markets business centre on increasing profitability in our core areas of strength, while protecting our ability to deliver the value and standard of care our clients have come to expect. With a strong focus on cost containment, we will continue to make disciplined investments in specific sector verticals or service offerings to strengthen our position in areas where we believe we can capture additional market share.

We are confident in our market position and in the opportunities ahead for this business.

Canaccord Genuity’s global team of sales and trading, equity research and investment banking professionals are dedicated to providing clients with actionable ideas and opportunities in the following key sectors of the economy:

  • Aerospace & Defense
  • Agriculture
  • Consumer & Retail
  • Energy
  • Financials
  • Gaming & Leisure
  • Healthcare & Life Sciences
  • Investment Companies
  • Media & Telecommunications
  • Metals & Mining
  • Private Equity
  • Real Estate & Hospitality
  • Support Services
  • Sustainability
  • Technology
  • Transportation & Industrial Products

During fiscal 2015, our investment banking teams were active across a diverse range of sectors, reflecting the power of our integrated global platform.

Investment Banking Transactions and Revenue by Sector During Fiscal 2015

Investment Banking Transactions and Revenue by Sector During Fiscal 2015
Sector Investment banking transactions Investment banking revenue
Technology (incl. Gaming & Leisure) 13.7% 30.3%
Healthcare & Life Sciences 9.6% 12.8%
Metals & Mining 13.7% 9.7%
Sustainability 2.7% 9.4%
Financials 7.7% 7.5%
Real Estate & Hospitality 11.8% 5.2%
Consumer & Retail 1.1% 4.8%
Infrastructure 3.3% 4.3%
Energy 7.9% 4.0%
Investment Companies 2.2%
Structured Products 19.2% 0.6%
Support Services 0.5%
Media & Telecommunications 1.4% 0.2%
Agriculture 0.3%
Diversified 7.6% 8.5%
Total 100.0% 100.0%
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UK & Europe Revenue (C$ millions, fiscal years)
Year Data
2011 92.7
2012 51.2
2013 158.0
2014 212.3
2015 155.9
Canada Revenue (C$ millions, fiscal years)
Year Data
2011 338.5
2012 232.3
2013 204.3
2014 148.5
2015 204.6
US Revenue (C$ millions, fiscal years)
Year Data
2011 106.2
2012 79.5
2013 153.4
2014 216.5
2015 203.0
Asia-Pacific Revenue (C$ millions, fiscal years)
Year Data
2011 1.2
2012 10.5
2013 25.3
2014 38.5
2015 49.6
Canaccord Genuity Revenue 2011–2015 (C$ millions, fiscal years)
Year Data
2011 538.6
2012 373.5
2013 541.0
2014 615.8
2015 613.1
Fiscal 2015 Revenue by Activity
Activity Data
Adivisory 25%
Commissions 26%
Investment Banking 35%
Principle Trading 12%
Interest and Other 2%

Investment Banking

Canaccord Genuity’s global team of investment banking professionals have deep industry knowledge and strong professional ties to the key sectors of the global economy in all regions where we operate. Our fully integrated global business combines industry leading independent expertise with a global distribution platform and direct access to institutional investors around the world.

During fiscal 2015, Canaccord Genuity participated in 340 transactions to raise more than $39.2 billion for global growth companies. Of these, Canaccord Genuity led 85 transactions globally, to raise total proceeds of $4.6 billion. We are dedicated to adding measurable value at every stage of the business lifecycle. 1Our Values at work
We put our clients first.

Our revenue streams continue to stabilize, reflecting the value of investments we have made to diversify our global platform. During fiscal 2015, 43% of our total investment banking revenues was earned in the Technology and Healthcare & Life Sciences sectors. While we continue to have an exceptional global resource practice, resource-related transactions comprised 14% of the Company’s investment banking revenues during the year.

Two transactions totalling C$586.5 million for The Intertain Group Limited on the TSX CA, US
$289.8 million for Callidus Capital Corp. on the TSX CA, US
C$299.3 million for Yamana Gold Inc. on the TSX CA
US$316.8 million for 3D Systems, Inc. on the NYSE US
US$65.0 million for Avinger, Inc. on NASDAQ US
£294.0 million for Polypipe Group PLC on the LSE UK
£154.4 million for OneSavings Bank PLC on the LSE UK
AUD$132.0 million for Donaco International Limited on the ASX AUS
AUD$51.3 million for Affinity Education Group Limited on the ASX AUS

Canaccord Genuity continues to be the leading full-service independent investment bank in Canada. During fiscal 2015, this business had the strongest performance and contributed 39% of our total investment banking revenues. Throughout the year, our investment banking team led several prominent transactions and showed increasing diversity, largely due to our role as the leading independent investment bank for the online gaming sector.


While revenues in our US investment banking business declined by 9% from a record performance in 2014, this business contributed 26% to our total investment banking revenues for the fiscal year. In recent months, we added significant strength to our investment banking capabilities in the Aerospace & Defense, Consumer, Real Estate and Healthcare & Life Sciences practices, to complement our existing global platform. We will continue to invest strategically in our US capital markets division – a business which strongly supports our global capabilities and one we expect will provide us increasing opportunities to deliver solutions for our clients in key sectors of the global mid-market.


During the first half of the fiscal year, revenues earned from investment banking activities in the UK & Europe increased by 93% compared to the same period in fiscal 2014, a record year for this business. While all regions were negatively impacted by macroeconomic conditions, the most notable impact took place in the UK & Europe. General anxiety surrounding the outcome of the UK elections and fears of deflation in the Eurozone significantly slowed activity in the region during the third and fourth fiscal quarters, which are typically the strongest periods for investment banking activity in this region.


With an expanded service offering and diversified sector coverage, our Asia-Pacific team was able to increase investment banking revenues for this business by 33%. The improvement was largely driven by our Australian business, and directly supports our goal of establishing leadership across the region. For the fiscal year, our Australian investment banking business was the top-ranked independent investment bank by number of equity offerings. With increasing client demand, we see opportunity for growth in the Asia-Pacific region, and we continue to explore opportunities to expand our sales, trading and research coverage into the Singapore market.




Our global advisory teams share a relentless focus on developing and executing strategic transactions that define – and redefine – the global marketplace. Our talented professionals form a unified, multilingual advisory team, which operates from offices in Canada, the US, the UK, Ireland, France, China, Singapore and Australia.

Clients of Canaccord Genuity receive strategic advice and idea generation from some of the most experienced professionals in the industry. We commit to our relationships for the long run and we believe in building lasting partnerships, ensuring a clear understanding of our clients’ strategies and a genuine interest in their business goals. 5Our Values at work
We strive for client intimacy.

Despite a challenging operating environment during fiscal 2015, we were able to increase our global advisory revenues by 9% compared to the previous fiscal year, to $151.2 million.

Our unparalleled service offering, along with our growing cross-border capabilities, has become a key differentiator for our global advisory business.

Amaya Gaming Group on its US$4.9 billion purchase of Rational Group CA, UK, US
The Intertain Group Limited on its £425.8 million acquisition of Jackpotjoy CA, US
Yamana Gold on the C$3.9 billion joint acquisition with Agnico Eagle of Osisko Mining Corporation CA
DHX Media Limited on its acquisition of Family Channel, Disney XD, Disney Junior (English) and Disney Junior (French) CA
Medical Action Industries Inc. on its acquisition by Owens & Minor US
World Energy Solutions, Inc. on its sale to EnerNOC, Inc. US
SOF Investments on the £212.0 million sale of Moneycorp to Bridgepoint UK
TowerBrook Capital Partners on the acquisition of Independent Clinical Services from The Blackstone Group UK
NH Ceramics on the acquisition of BlackGold Asia Resources Pte. Ltd. and BlackGold Energy Limited SG
Resources Prima Group Limited (formerly Sky One Holdings Limited) on the acquisition of Energy Prima Pte. Limited SG

Our Canadian advisory business increased revenues by 116% during fiscal 2015. In addition to an improved market environment, the growth in our financing and advisory businesses is attributable to our long-standing relationships and to the track record of success we have historically achieved for our clients in the region. Our strong market position and differentiated global service level have made Canaccord Genuity the leading Canadian independent firm for M&A and advisory services.

UK & Europe

While a difficult operating environment softened advisory activity for our capital markets business in the UK & Europe during fiscal 2015, this business contributed 41% of our total advisory revenues for fiscal 2015. Subsequent to the end of our fiscal year, we were pleased to see markets responding positively to the recent federal election outcome and we expect that improving fundamentals for key sectors of the economy will reinvigorate advisory activity in this important geography.


Revenues generated by our US advisory teams improved by 16% during fiscal 2015. In addition to supporting our cross-border origination and execution capability, our restructuring team is gaining traction with the negotiation, development and implementation of recapitalization strategies in the US mid-market. As a leading global provider of independent restructuring services, our clients can trust that our strategic advice and access to capital is free of conflicts.


Advisory is a key element of our growth strategy for our Asia-Pacific operations. For the fiscal year, advisory revenues in this business increased by 50%. With deep local expertise and access to a large network of global professionals, our advisory teams in this region are becoming increasingly active. Our growing M&A capability enables us to deepen our relationships with existing clients and provide ongoing support and access to global opportunities for growing companies.

Canaccord Genuity Advisory Revenue 2011–2015 (C$ millions, fiscal years)
Year Data
2011 84.5
2012 107.3
2013 179.2
2014 138.9
2015 151.2
Canaccord Genuity Advisory Revenue by Region During Fiscal 2015
Region Data
Canada 42%
US 13%
UK & Europe 41%
Asia-Pacific 4%

Sales and Trading

Canaccord Genuity’s global sales and trading teams are passionate about connecting the right idea with the right client at the right time. Our approach combines international intelligence, market savvy and sector expertise with the support of high quality, actionable, idea-driven research.

Our integrated global platform delivers powerful distribution and execution capabilities for mid-market growth companies.

From our 14 trading desks in 10 countries, our skilled team of professionals facilitates timely and efficient execution on 10 global exchanges, managing the impact of each transaction. 7Our Values at work
To us there are no foreign markets.™

With experienced professionals located around the world and deep institutional relationships, we take pride in having the broadest account coverage of any mid-market bank.

Additionally, Canaccord Electronic Trading Solutions (CETS) meets our clients’ need for direct market access, and electronic and program trading on many of the alternative exchanges, including Chi-X, CX2, Alpha, Aequitas, Pure, CSE, Omega, Lynx and Triact. Our highly ranked International Equities Group has developed a strong presence in the US market with American Depositary Receipts (ADRs) and foreign equity trading capabilities.

In Canada, Canaccord Genuity was the leading independent investment dealer on Bloomberg for block trading activity during fiscal 2015. And finally, our trading operations in the UK ranked sixth for small- and mid-cap execution in the 2014 Thomson Reuters Extel Awards.

City Skyline in AU

Equity Research

At Canaccord Genuity, we analyze close to 1,000 global companies across a broad range of market sectors, identifying value and defining risk for our clients. Our equity research analysts are able to leverage the broader resources of our global platform, to provide a uniquely global perspective, which we deliver to our clients in trusted daily, weekly and monthly publications.

Canaccord Genuity’s global team of research professionals are inquisitive, experienced and committed to generating actionable investment ideas for our clients.

During fiscal 2015, Dvai Ghose accepted the role of Global Head of Equity Research, a position that leverages his proven leadership capabilities and his outstanding track record of delivering world-class research as a top-ranked analyst in his sector. In his role, Dvai works closely with heads of equity research in each of our regions, to continue to improve global coordination of our research offering and broaden our reach to institutional investors around the world.

As part of our commitment to providing timely, relevant ideas for clients in all markets, we regularly add to our coverage universe. We have also made strategic investments in the addition of regional capabilities in key sectors of the economy, to ensure the delivery of truly global coverage for our clients.

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bluematrix Applied Intelligence logo

In December, following a 10-month development process, our global equity research platform was successfully migrated to BlueMatrix®, an advanced, industry-leading application that facilitates the creation, distribution and management of our award-winning investment research. The flexible configuration of BlueMatrix® allows our equity research teams to collaborate globally, while seamlessly managing regional workflow and compliance requirements. It’s one of the many ways we are continually investing in the delivery of original, quality ideas for our clients. 3Our Values at work
Ideas are the engine of our business.

quest - A division of canaccord genuity logo

Quest® is Canaccord Genuity’s proprietary stock screening and idea generation tool.

For two decades, clients have trusted Quest® to provide superior data integrity and analytical tools, which help generate and compare investment ideas across sectors and markets, free of objective or bias.

Additionally, Quest® provides the foundation for numerous Canaccord Genuity products and services. The platform provides global strategists, equity research analysts, and asset managers with the ability to combine proprietary equity analytical techniques with a wide range of more conventional financial analyses.

Over time, global markets have evolved, and so have the needs of our clients. We listened carefully, and during fiscal 2015, we developed a platform that is stronger, broader and more flexible. The new Quest® covers an equity universe that comprises 95% of total global market capitalization, on a scalable platform that allows for the addition of new coverage and functionality, as market conditions change. 3Our Values at work
Ideas are the engine of our business.

It’s all part of our relentless commitment to questioning convention. Welcome to conviction 2.0.

modern City Skyline