Canada-based Canaccord Genuity Group Inc said it will not anymore be making large acquisitions. Rather, the biggest non-bank brokerage in Canada could consider small deals to grow its wealth management unit in the UK. This was revealed by Canaccord Genuity Group's Chief Executive Officer Paul Reynolds in a New York press conference today hosted by Keefe, Bruyette & Woods. The firm offers brokerage and investment banking services as well as investment products to retail, institutional and corporate clients.

Reynolds said, "You will see us make small bolt-on acquisitions in our U.K. wealth-management business."

According to a Bloomberg report, Canaccord Genuity had grown its operations in the past four years by undertaking takeovers in Asia, North America and Britain. In March last year, Canaccord Genuity acquired Collins Stewart Hawkpoint Ltd based in London. It expanded the business further by buying another London-based firm in October of the same year. The Toronto-based broker paid CAD 20 million or USD 19.1 million for the wealth management arm of Eden Financial Ltd. Reynolds said they will continue to make these kinds of acquisitions.

Meanwhile, Reynolds said its wealth management unit in North America may only start to generate consistent profits after two years. Financial statements revealed that the business had been losing for eight consecutive quarters.

Reynolds said, "If the market doesn't change, I think it's going to take us another probably upwards of eight quarters to get that business toward break-even. The worst is behind us." After restructuring the Canadian wealth business of Canaccord Genuity last year, Reynolds said the unit is now the right size. The restructuring closed down 16 offices.

In next several years, Reynolds said the company will be focusing its investments in the US and UK. In the UK, Canaccord Genuity will be looking for opportunities in wealth management and capital markets.