Wealth Management Record Revenue
The Wealth Management division delivered record revenue for the sixth consecutive quarter, earning $243 million. The U.K. and Crown Dependencies saw a 17% increase year-over-year, with client assets reaching a record GBP 38 billion.
Increase in Client Assets
Client assets across various regions saw significant growth. Canadian Wealth business reported a new record of $45 billion, while Australian client assets grew to a record $10 billion, a 37% year-over-year increase.
Improved Earnings in Australian Operations
The Australian Wealth business generated record revenue of $23 million, increasing 25% year-over-year, with adjusted pretax net income rising by 52% year-over-year.
Strong Capital Raising Activity
The firm completed 93 transactions during the quarter, raising over $16 billion. The average transaction size increased by 80%, indicating strong demand in core sectors.
Positive Outlook for Wealth Management
The company anticipates continued growth in the Wealth Management division, driven by ongoing organic growth initiatives and strategic acquisitions.