The wealth management division of Canada's Canaccord Genuity saw losses sink further during the three months to the end of 2015 versus a year earlier.

Canaccord Genuity Wealth Management recorded a pre-tax net loss of C$22.4 million ($16.1 million) over the final quarter of 2015, compared to a loss of C$17.6 million in the same period of 2014.

Globally, the division generated revenue of $61.8 million during the quarter amid “challenging” market conditions. In North America, it logged C$25.6 million in revenue and a net loss of C$2.4 million.

Canaccord, which is listed in London and Toronto, said the “ongoing weakness” in investment banking activity had put pressure on commissions and fees for its Canadian wealth management business, which saw assets under administration fall 12 per cent year-on-year to C$9.04 billion as at the end of the year. Discretionary assets under management here also fell 12 per cent year-on-year to C$1.26 billion.

The wealth management business in the UK and Europe, however, delivered solid growth, with C$35 million in revenue and pre-tax net income of C$6.5 million. Here, assets under management reached C$24.5 billion, up 21 per cent from the fourth quarter of 2014.

“Despite challenging market conditions, we maintain a strong focus on attracting and retaining high quality advisors, investing in training programmes and building a comprehensive suite of high quality products to help advisors grow their businesses,” said the group's president and chief executive, Dan Daviau, in the results statement.

“In our UK wealth management business, we continue to attract new assets, which directly support our recurring revenue growth. Client holdings in our in-house investment management products exceed $1 billion and are attracting growing interest from domestic intermediaries and international fund companies. [...] We continue to actively review opportunities to strategically expand this business to improve its contribution to our performance.”

The group as a whole boosted its revenue by 9 per cent year-on-year to C$181.8 million but saw a steeper net loss of C$19.1 million excluding significant items, against a loss of C$14.3 million a year earlier.

During the three-month period, Canaccord incurred charges of C$4.3 million from its restructuring programme that it said will reduce capital markets and infrastructure staff by 125 people, or 12 per cent, in Canada, the UK and the US.

Excluding significant items, loss per common share stood at C$0.25.