May 17, 2011 / 8:45 PM / 7 years ago

UPDATE 2-Canaccord quarterly profit jumps on advisory fees

* Fiscal fourth quarter profit of C$40.9 million

* Fiscal fourth quarter revenue C$247.6 million (Adds details on Genuity, full year results)

TORONTO, May 17 (Reuters) - Canaccord Financial Inc (CF.TO), which bought Genuity Capital Markets a year ago, said on Tuesday its fourth-quarter profit soared amid record revenue from advisory fees.

The Vancouver-based firm said its profit was C$40.9 million ($42.2 million), up from C$7.5 million in the same period a year earlier.

Canaccord, which has a strong presence in Canada’s mining sector, bought Genuity Capital Markets in April last year.

Revenue in the quarter ended March 31 was C$247.6 million, up 73 percent from C$143.1 million, bolstered by advisory revenue of C$25.7 million.

Genuity gave the company a well-connected M&A shop, with bankers with ties to some of the country’s top companies.

Canaccord Genuity was ranked 17th in Thomson Reuters’ Global Equity Fees league table for the first calendar quarter of 2011.

For the full year ending March 31, Canaccord reported revenue of C$803.6 million and net income of C$98.2 million, eclipsing figures for the year ago period, before it acquired Genuity.

$1=$0.97 Canadian Reporting by Pav Jordan; editing by Peter Galloway

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