Canaccord Genuity Wealth Management’s UK and Europe division has seen its profits fall in the second quarter, impacted by an increase in restructuring and acquisition-related costs.

Pre-tax profits fell 21.9 percent in the second quarter of the firm’s 2020 fiscal year, to CA$6.8 million, down from CA$8.7 million in Q2 2019 (the three months ending 30 September).

This was despite revenue growth of 3.8 percent to CA$66.4 million, as the division’s expenses increased by CA$4.4 million, or just under 8 percent, to CA$59.3 million.

Much of the additional expense was due to CA$1.1 million spent on restructurin...