Toronto-based Canaccord Genuity Group’s net income and revenue declined in the quarter that ended Dec. 31, while assets and revenue in its wealth management operations increased, the company reported Thursday.

In its earnings report for the third quarter of 2020, Canaccord reported net income of $22.8 million, down 29.6% from $32.5 million over the same period in 2019. Revenue for the quarter was down 7.1% to $308 million.

The firm’s global wealth management operations earned revenue of $128.4 million in Q3, a 10.7% year-over-year increase. Total client assets increased by 21% to $72.8 billion, growth the company attributed to market gains and expanded Australian operations. Canaccord’s acquisition of Patersons Securities Limited closed in October.

The North American wealth management business generated $46 million in revenue, down 15.1% from the previous year, which the company attributed to decreased investment banking revenue from lower new issue activity.

Operations in the U.K. and Europe generated $71.3 million in revenue, an increase of 15.4%. Canaccord attributed the increase to its acquisitions last year of Thomas Miller and McCarthy Taylor.

Canaccord president and CEO Dan Daviau said in a statement that the firm has “identified strategies which we expect will reduce our annual cost base by approximately $20.0 million and contribute to improving margins going forward.”