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Record advisory fees drive up Canaccord revenue

Canaccord CEO Paul Reynolds

Rafal Gerszak/The Globe and Mail

Canaccord Financial Inc. says record advisory fees drove revenue gains in its fiscal third quarter.

The Toronto-based financial services firm posted revenue of $230-million for the three months ended Dec. 31, up 56 per cent from $147.9-million year over year.

Net income came in at $10.3-million, or 8 cents per diluted share, compared to $2.5-million, or 1 cent per diluted share in the year-earlier period.

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"The results of our fiscal third quarter clearly illustrate the benefits of the acquisitions we've made over the last several years," said president and chief executive officer Paul Reynolds.

"With record advisory revenue, continued growth of our U.K. wealth management business, and strong performance in the U.K. and U.S., we're pleased with the results we generated this quarter."

Over half of Canaccord's revenue is now earned outside of Canada, he added.

On an adjusted basis, Canaccord said it earned net income of $20.5-million, or 17 cents per diluted share.

Analysts polled by Thomson Reuters had called for adjusted earnings per share of 18 cents on $220.7-million in revenue.

Canaccord Genuity provides corporate brokering, securities and advisory services to corporate and institutional clients.

Through Collins Stewart Wealth Management, Canaccord Genuity also provides wealth management services to individual investors, institutions and intermediaries.

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Based in London, the business has more than 650 employees at 12 offices across the United Kingdom and Europe.

The company has offices in 12 countries worldwide, including wealth management officers in Canada, Australia, the U.K. and Europe.

Canaccord Genuity, the international capital markets division, operates in Canada, the U.S., the U.K., France, Germany, Ireland, Italy, China, Hong Kong, Singapore, Australia and Barbados.

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