Canaccord Genuity's traditional stronghold, Canada, faced challenging market conditions during fiscal 2013, but despite this environment our Canadian operations continued to contribute prominently to the division's results – providing 38% of Canaccord Genuity's total revenue.
In Canada, Canaccord Genuity generated $204.3 million of revenue during fiscal 2013. Much of our success in Canada can be attributed to advisory activity this year. In fact, fiscal 2013 marked the third consecutive year the Canadian advisory practice earned record revenue. At $90.0 million, advisory revenue was 14% higher than the previous record set last year. Several large, high-profile Canadian transactions led by Canaccord Genuity this year highlight the value our clients are recognizing from our deep expertise and global investment banking reach:
Underwriting activity remained fairly subdued in Canada for much of fiscal 2013. Despite this, Canaccord Genuity led or co-led 59 transactions in Canada over $1.5 million, raising over $1.4 billion for clients. Including transactions we led, Canaccord Genuity participated in 288 transactions in Canada, with total proceeds of $23.7 billion.
The quality of our Canadian research was also evident this year, with the firm and numerous analysts winning industry awards. Canaccord Genuity was recognized as Canada's top independent investment dealer by the 2012 Brendan Wood International Canadian Institutional Equity Report for providing the top investment ideas, and ranked fifth of all investment dealers. Individually, Canaccord Genuity's Canadian research analysts were awarded nine top-five rankings for their research in specific sectors. In particular, we were ranked first for our coverage of banks and first for our coverage of insurance companies.
In Canada, Canaccord Genuity achieved its third consecutive record year for advisory revenue, generating $90.0 million of revenue.
(C$ millions, fiscal 2013. Transactions announced and completed in Canada by Canadian investment banks)
|Rank||Advisor||Total deal size||Average deal size||Deal count|
|1||RBC Capital Markets||$ 67,289||$ 701||96|
|2||BMO Capital Markets||52,620||797||66|
|6||Canaccord Genuity Corp.||17,953||544||33|
|7||National Bank Financial Inc.||17,074||683||25|
|9||FirstEnergy Capital Corp.||4,602||460||10|