Acquisition costs push Collins Stewart WM to quarterly loss

Collins Stewart Wealth Management has recorded a pre-tax loss of £447,000 for Q4 2012 as parent Canaccord was affected by costs relating to recent acquisitions.

Reporting results for the three months to 31 December 2012, Canaccord said assets under management at Collins Stewart Wealth Management stood at £9.5bn, with the division generating £15.8m of revenue on the quarter. But the division also recognised £958,000 of restructure and acquisition costs relating to Canaccord's September 2012 purchase of Eden Financial's wealth arm, and a further £1m of amortisation of intangible assets in relation to its £250m 2011 purchase of Collins Stewart Hawkpoint. Those costs follow similar write-offs in Q3 2012 as Canaccord continues its integration of t...