Good morning. I'd like to extend my warm welcome to those of you who have joined us. Thank you for taking the time to meet with us today. My name is Dan Daviau. I have served as CEO of Canaccord Genuity Group since 2015 and was appointed Chairman in 2024. I have the privilege of chairing today's meeting. Joining me on today's webcast are our Executive Vice President and Chief Financial Officer, Nadine Ahn, and our Senior Vice President of Legal Affairs, General Counsel and Corporate Secretary, Darcy Doherty. I'd also like to welcome additional members of our executive leadership team and our current directors and director nominees who are joining us from various locations in North America, the U.K., Europe, and Australia.
We are once again holding this year's meeting online to promote broader participation and provide the option for shareholders to vote and submit questions regardless of their location. Before we get started, a couple of procedural matters. Many shareholders submitted their votes before the meeting. Thank you. If you voted in advance and you do not wish to change your vote, no further action is required. A very small number of you have decided to vote at the meeting. Voting instructions were made available in the information that shareholders received as part of the meeting materials, and these instructions have also been made available on SEDAR . If you are a registered shareholder or proxy holder, or you have received your control number with your meeting materials by mail or email, this gives you the ability to vote and submit questions as shown on the meeting website.
If you have followed the instructions in the meeting material, then you will have logged on to the meeting with your control number as the username and the password, canaccord2025, all one word, using lowercase letters. If you are not a registered shareholder or proxy holder, then you will have logged on to this meeting as a guest. Guests will be able to follow the proceedings, but will only be able to submit questions after the end of the formal business of the meeting. Once discussion on all items of the business is concluded, I will briefly pause to allow sufficient time to enter your votes, and then I will declare the voting closed on all resolutions. We will conduct votes on the matters before us by poll.
On a poll, every shareholder entitled to vote on the matter has one vote in respect of each share entitled to be voted on the matter and held by that shareholder. The poll will be open for all resolutions at the same time. This will allow you to vote on each resolution immediately or wait until the conclusion of discussion on each resolution prior to casting your vote. Later today, the results of this meeting will be made available on our investor relations website and on SEDAR+ . There will be plenty of opportunity for registered shareholders and proxy holders to ask questions on each resolution in turn. Please ensure that the questions or comments are related to the matters currently before the meeting. When submitting a question, please provide your name and indicate clearly whether you are a shareholder or a proxy holder.
To submit a question, use the message icon on the virtual meeting platform. We will answer questions related to each motion at the appropriate time in the meeting. We will also be pleased to address general questions after the presentation has concluded. If we receive several questions on the same topic, we will group these questions together and provide a response. We will respond to as many questions as possible during the meeting. If we're not able to address your question here, we will respond directly to you after the meeting if you provide an email address or telephone number where you may be reached. During the meeting, we have experienced pauses from time to time as we review messages and coordinate our roles at a distance, so please bear with us. On behalf of those of us speaking today, I note that our comments may include forward-looking statements.
I encourage you all to take a moment to review the detail regarding forward-looking statements and non-IFR measures that have been provided as part of today's presentation and are also available in our financial reports. Our agenda for today's meeting begins with the submission of the company's 2025 financial statements, followed by the election of directors, the appointment of auditors, and the advisory resolution on our executive compensation approach, as disclosed in our circular. Following the official business of today's meetings, I will share a few remarks about our business and provide a brief overview of our corporate strategy and outlook. As I have previously mentioned, we'll be pleased to take general questions after the presentations have concluded. Now for the official business of today's meeting. The meeting will please come to order. I appoint Jenny Karim, an Officer of Computershare Investor Services, to be the scrutineer of the meeting.
I've received Computershare's report as to the share representation at today's meetings, and there is a quorum present. I now declare this meeting to be regularly called and properly constituted for the transaction of business. I declare the polls open on all resolutions. The first item of business is the election of the company's directors to serve until the next annual general meeting or until their successors are appointed. First, I propose a motion that the company set the number of directors at five. Darcy, have we received any comments or questions online?
We have not, Chair. Thank you.
If there are no further questions or no questions at all, please cast your votes on item one below before we move on to item two. I declare the meeting open for nominations and advise that management has nominated the following individuals, all of whom have consented to their election. Biographies for each of our nominated directors have been provided in the management information circular. Our Lead Independent Director, Michael Orbach, Shannon Eusey, Terry Lyons, Cindy Tripp, and myself, Dan Daviau. Darcy, have we received any further nominations or questions or comments online?
We have not, Chair. Thank you.
Since there are no further nominations and no questions, please cast your votes for each of the director nominees. It is now in order to proceed with the appointment of auditors. I propose a motion to appoint Ernst & Young LLP Chartered Professional Accountants as auditors of the company for the ensuing year and authorize the directors to fix their remuneration. Please vote now. Darcy, have we received any further nominations or questions or comments online?
We have not, Chair. Thank you.
Our final item of business is an advisory resolution on the company's executive compensation approach. The Board considers this to be an important part of our shareholder engagement process and commits to reviewing the results of this vote when considering future decisions related to executive compensation. Darcy, have we received any questions or comments online?
We have not, Chair. Thank you.
Please vote now. That concludes the official portion of our fiscal 2025 annual general meeting. I'll pause for a moment while voting continues. Thank you. I now declare voting on all matters closed. All motions have been passed, and the following directors have been elected directors of the company to serve until the next annual general meeting or until their successors are appointed: Michael Orbach, myself, Dan Daviau, Shannon Eusey, Terry Lyons, and Cindy Tripp. I declare the formal meeting concluded. Thank you for your continued trust in our organization. Our 2025 fiscal year began with cautious optimism amid signs of global interest rate cuts and fiscal stimulus aimed at economic recovery. While uncertainty persisted throughout the year, we achieved a strong top-line performance, with revenue increasing 20% year- over- year, driven by record results in our wealth management businesses and an impressive rebound in capital markets.
Taken together, these achievements underscore the strength of our diversified business model, the impact of our strategic initiatives, and the unwavering dedication of our global teams. Our wealth management businesses have proven to be a cornerstone of earning strength and resilience, as each of our businesses continues to execute against well-defined business plans aimed at driving long-term growth and profitability. We ended the year with record revenue and adjusted pre-tax net income in this division, reflecting robust five-year compound annual growth rates of 12% and 13%, respectively. Client assets continue to reach new record highs, fueled by robust advisor recruitment, improving market conditions, and steady net inflows from new and existing clients. Our priorities for this division are rooted in growing fee-based revenue, enhancing holistic financial planning services, and strengthening relationships through personalized client experiences.
Our advisor-centric model continues to differentiate us, with recruitment driving growth across key markets in both Canada and Australia. We also deepened our talent bench in the U.K. and Crown dependencies, where we broadened our financial planning capabilities and completed three strategic acquisitions, extending our onshore and offshore reach into Cambridge, Glasgow, and Jersey. Our capital markets division delivered its strongest performance in three years, with revenue up 22% against the prior year. The advisory segment led this performance, with revenue contributions growing 33% year- over- year. Subsequent to the end of the fiscal year, we took steps to sharpen the strategic focus of our U.S. capital markets business and redirect capital and resources towards our high-performing advisory segment, which presents greater opportunities for margin expansion. Corporate financing revenue rebounded 44% year- over- year, supported by improving equity issuance and renewed investor confidence.
Despite a selective market for risk equities, we maintained our leadership as the most active mid-market dealer globally. While revenue growth was robust, our firm-wide profitability has been impacted by elevated non-compensation expenses, including investments to support wealth management expansion, infrastructure costs, and certain provisions and professional fees in relation to previously disclosed regulatory matters. We operate in the world's most dynamic financial markets, each with evolving regulatory standards. To reinforce our alignment with regulatory expectations as we prepare our business for a strong future, we have continuously invested in global compliance personnel, training, and technology. Looking ahead, we're taking purposeful steps to reduce non-compensation expenses and expand margins, driven by disciplined cost management and strong revenue-generating capabilities. During the year, we also welcomed Nadine Ahn as our Chief Financial Officer, and her appointment continues to be instrumental in this effort.
Nadine brings proven expertise in financial leadership, capital discipline, and execution, and she's already making significant contributions as we focus on improving our operating leverage. We are operating in an exceptionally exciting time for our industry. Around the globe, capital inflows are increasing, markets are stabilizing, and new client investment channels are opening. These shifts are unlocking a wider range of domestic and international opportunities for our clients and our business. Technology is also transforming our industry. We are beginning to see examples of how artificial intelligence is reshaping how we manage risk, streamline operations, and elevate the client experience through responsible use. Our approach to AI is thoughtful and measured. We see these tools as enablers, not replacements, for the trusted human experience and relationships that are at the core of everything we do. We are also closely monitoring global trade policy and macroeconomic signals.
While we have somewhat greater clarity on tariffs, the implications of shifts in global trade policy on capital flows have yet to be fully understood. Although the current market backdrop makes forecasting more difficult, our strong track record of agility in delivering value through change positions us well. At the heart of our success is our people. I want to express my deep appreciation to our more than 2,900 colleagues for their tireless resilience and commitment to excellence, and our Global Operating Committee for their strong leadership in a complex, changing world. We've made important progress in strengthening our culture of employee ownership. Through our equity participation initiative, our limited partnership now holds more than 14% of the outstanding common shares. Including board and employee holdings, nearly 47% of our company is owned by those closest to its operations.
This alignment fosters long-term focus, sound risk management, and decisions that drive sustainable shareholder value. As we enter fiscal 2026, investor sentiment is improving, supported by strong earnings, market stabilization, and accelerated deal flow. We anticipate continued fee growth across our wealth management businesses. As we leverage the benefits of recent acquisitions and our growing talent pool in each of our geographies, we also expect continued margin improvement. Client engagement remains high across our capital markets verticals. CEO confidence is rising in our core sectors, which supports decisive execution as we navigate ongoing geopolitical and trade-related uncertainties. Despite a challenging first quarter for advisory completions in our core sectors, our pipeline remains strong, with mandates moving ahead. The environment for corporate financing remains constructive, with improving sector diversification.
While the IPO market is not yet fully open, we're seeing encouraging signs of recovery, and history shows us that we are optimally positioned to lead in this space. We are executing well on our strategy, supported by our firm-wide cost efficiency initiatives. These efforts are expected to drive margin expansion and deliver on our goal of single-digit growth for the current fiscal year. To our fellow shareholders, thank you for your support and belief in our firm. It is a privilege to serve as your Chair and lead an organization grounded in excellence, accountability, and long-term value creation. With that, we'd be pleased to take your questions.
Thank you, Mr. Daviau. We will now proceed to the question period.
There are no questions from shareholders or guests of the meeting.
Okay, great. That concludes our meeting today, and thank you all very much for joining us.