The Globe and Mail reports in its Friday edition that boring is what Canaccord Genuity Group ($4.36) needs after the past 18 months of upheaval in the independent brokerage industry. The Globe's Niall McGee writes that Canaccord was back in the black for the quarter ended June 30 after posting three straight quarterly losses. Expenses continue to fall. The United Kingdom and European wealth unit made $6.4-million in profit on a pretax basis. Advisory fees gleaned from mergers and acquisitions jumped 81 per cent year over year to $39.3-million. CIBC analyst Paul Holden says, "Management has delivered on its expense reduction plan and that should help the business operate at break-even or slightly better." One weak spot was investment banking revenue, specifically new issue revenue, which was down 43 per cent year over year. Canaccord pointed to softness in its U.K. and European operations due to uncertainty around Brexit. It expects more of the same for now. It said Brexit uncertainty "will continue to put pressure on near-term to medium-term capital-raising activities" in Europe. Meanwhile, the Canadian retail wealth management arm posted a modest profit in the latest quarter.