The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Stephen Boland - Raymond James - Analyst
: Maybe team, can you -- can we just dig into the growth in the expenses and G&A in the Canadian Wealth Management division? I know you said
there are some client-related provisions as well as maybe new costs for the new headquarters. Is that -- am I reading that? Or can we break down
from the (inaudible)?
Question: Stephen Boland - Raymond James - Analyst
: Okay. So I don't want to -- I know you don't like giving guidance, but like that $8 million you reported on the G&A, is that $5 million related to this
client-related provision or $4 million? Like what's the run rate on, Nadine, in terms of what you...
Question: Stephen Boland - Raymond James - Analyst
: So probably the run rate would be in the $4 million to $5 million, like which previously is what you've been reporting for the last couple of years?
Question: Stephen Boland - Raymond James - Analyst
: Okay. And could you talk about what the client-related matter is?
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FEBRUARY 05, 2025 / 1:00PM, CF.TO - Q3 2025 Canaccord Genuity Group Inc Earnings Call
Question: Stephen Boland - Raymond James - Analyst
: Okay. And how -- like why would the new headquarters in Vancouver -- is it just wealth management there? Or is it capital markets in there? Just
why would that premise be booked in that provision as opposed to corporate?
Question: Stephen Boland - Raymond James - Analyst
: Got it. Okay. Just in the US provision, the language in the MD&A says that you booked this through another increase in provision, but there's a
likelihood that it may go higher. I'm just curious that if -- is it just you wouldn't have booked more because you don't know what that amount is,
but you do believe it's going to go higher?
Question: Stephen Boland - Raymond James - Analyst
: Okay. All right. Let's move to the positive. Basically, the -- Dan, you always talk about the pipeline for M&A. Maybe you could just go through each
of the main divisions.
You say you always have a good kind of pipeline. Is there...
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FEBRUARY 05, 2025 / 1:00PM, CF.TO - Q3 2025 Canaccord Genuity Group Inc Earnings Call
Question: Rob Goff - Ventrum - Analyst
: My question would be on the advisory business. Would you also describe the advisory business as being one of the more buoyant markets?
Question: Rob Goff - Ventrum - Analyst
: Yes. It's both buckets that look strong. So both the mergers, acquisitions and like the advisory -- sorry, the underwriting business look relatively
robust?
Question: Rob Goff - Ventrum - Analyst
: If you could turn to Australia and the wealth side for a bit, it was nice to see the AUM increase in local currency, 9.1% versus 8% and flat advisers.
Can you talk to your organic growth prospects and perhaps broader or inorganic growth in advisers?
Question: Rob Goff - Ventrum - Analyst
: And the adviser economics remain very attractive in Australia?
Question: Graham Ryding - TD Securities - Analyst
: Your AUA growth in Canadian wealth was strong in the quarter. Did you have some success recruiting or closing some new advisers joining the
business?
Question: Graham Ryding - TD Securities - Analyst
: Okay. Great. And then on your UK wealth, it looks like there's a little bit of margin compression going on. It seems to be around the compensation
side.
What would be driving that?
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