TORONTO, March 9, 2021 /CNW/ - Canaccord Genuity Group Inc. (TSX:CF) the "Company") provides shareholders with the following update of its progress on a variety of matters:
- Applications for regulatory approval of the previously announced investment by HPS Investment Partners into the Company's wealth management business in the UK and Crown Dependencies have been filed and remain on track for completion in the first quarter of fiscal 2022.
- On February 22, holders of the Company's 6.25% convertible unsecured senior debentures (the "Debentures") voted in favour of amendments to the indenture governing the Debentures which provide the Company the right to redeem, at its option from time to time between April 1, 2021 and October 31, 2021 any or all of the outstanding Debentures for specified consideration plus any accrued or unpaid interest.
- Client assets in the Company's Global wealth management businesses have increased to $88 billion at February 28, 2021. The most significant contribution to this growth came from our Canadian wealth management business, where client assets increased to $31 billion at February 28, 2021, an improvement of 6% since December 31, 2020.
- Following the February 3rd release of its financial results for the third fiscal quarter and nine-month fiscal year-to-date, the Company remains on track to deliver record firmwide revenue for its full 2021 fiscal year, which ends on March 31, 2021. Revenue for the current quarter continues at a rate that is expected to exceed the previous quarter's results.
The Company is scheduled to release its financial results for the fourth quarter and full fiscal 2021 year on June 1, 2021.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS:
This press release may contain "forward-looking information" as defined under applicable securities laws ("forward-looking statements"). These statements relate to future events or future performance and reflect management's expectations, beliefs, plans, estimates, intentions and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts, including business and economic conditions and Canaccord Genuity Group's growth, results of operations, performance and business prospects and opportunities. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", "target", "intend", "could" or the negative of these terms or other comparable terminology. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and a number of factors could cause actual events or results to differ materially from the results discussed in the forward-looking statements. In evaluating these statements, readers should specifically consider various factors that may cause actual results to differ materially from any forward-looking statement. These factors include, but are not limited `to, market and general economic conditions, the nature of the financial services industry and the risks and uncertainties discussed from time to time in the Company's interim condensed and annual consolidated financial statements, its annual report and its annual information form ("AIF") filed on www.sedar.com as well as the factors discussed in the sections entitled "Risk Management" and "Risk Factors" in the AIF, which include market, liquidity, credit, operational, legal and regulatory risks. Material factors or assumptions that were used by the Company to develop the forward-looking statements contained in this press release include, but are not limited to, those set out in the Fiscal 2020 Outlook section in the annual MD&A and those discussed from time to time in the Company's interim condensed and annual consolidated financial statements, its annual report and the AIF filed on www.sedar.com. The preceding list is not exhaustive of all possible risk factors that may influence actual results. Readers are cautioned that the preceding list of material factors or assumptions is not exhaustive. Although the forward-looking statements contained in this press release are based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date of this press release and should not be relied upon as representing the Company's views as of any date subsequent to the date of this press release. Except as may be required by applicable law, the Company does not undertake, and specifically disclaims, any obligation to update or revise any forward-looking statements, whether as a result of new information, further developments or otherwise.
Client assets include Assets under administration (AUA) and assets under management (AUM) which are non-IFRS measures that are common to the wealth management business. Client assets reflect the market value of securities and funds managed and administered by the Company from which the Company earns commissions and fees. This measure includes funds held in client accounts as well as the aggregate market value of long and short security positions. The Company's method of calculating AUA and may differ from the methods used by other companies and therefore may not be comparable to other companies. Management uses these measures to assess operational performance of the Canaccord Genuity Wealth Management business segment. The value of AUA and AUM will change with changes in market values and foreign exchange rates.
ABOUT CANACCORD GENUITY GROUP INC.
Through its principal subsidiaries, Canaccord Genuity Group Inc. (the "Company") is a leading independent, full-service financial services firm, with operations in two principal segments of the securities industry: wealth management and capital markets. Since its establishment in 1950, the Company has been driven by an unwavering commitment to building lasting client relationships. We achieve this by generating value for our individual, institutional and corporate clients through comprehensive investment solutions, brokerage services and investment banking services. The Company has wealth management offices located in Canada, the UK, Guernsey, Jersey, the Isle of Man and Australia. The Company's international capital markets division operates in North America, UK & Europe, Asia, Australia and the Middle East.
Canaccord Genuity Group Inc. is publicly traded under the symbol CF on the TSX.
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SOURCE Canaccord Genuity Group Inc.