Australian Broking Firm grabs NZ Broker

Australian Broking Firm grabs New Zealand Broker

Friday, 10 May 2013

In a vote of confidence for New Zealand’s capital markets, BBY Limited (“BBY”) Australia’s largest non-bank owned full service stockbroker, has announced that it has expanded its presence in New Zealand by acquiring a controlling shareholding in Edge Capital Markets Limited, a privately owned broking firm specialising in the Futures and FX markets. The acquisition will allow the firm to expand its equities research and advisory services, and develop a stronger investment banking profile.

“BBY’s entrance to the New Zealand market enables us to add value to a new client base from which we expect strong growth” says Glenn Rosewall, Executive Chairman of BBY. “New Zealand is a logical next step for BBY as the sale of state assets and the growth in KiwiSaver will see increased public interest, depth and activity on the NZX.”

The existing NZ principals and management will retain a significant shareholding in the new operation, which will be renamed BBY (NZ) Limited, and operate as a subsidiary of BBY. The current executive management of Bryn Griffiths and Brent Weenink will be retained as Regional Head and CEO respectively, and will be joined on the Board by BBY’s Glenn Rosewall (Chairman) and Arun Maharaj.

“BBY through its extensive licensing will have the opportunity to offer one of the broadest base of products available to New Zealand private investors and institutions. This includes international equities, options, bonds, futures, CFDs, margin-FX, Foreign Exchange, commodities and precious metals trading.” says Arun Maharaj, CEO of BBY “Having a New Zealand operation means we complement our Australian, UK and US teams with market information flowing around the world seamlessly.”

Bryn Griffiths was pleased with the acquisition, “We have enjoyed a close working relationship with BBY for many years, and this is a natural and positive step forward for us and our clients. The Company is well placed to grow its advisor base, develop and deliver new services and opportunities in the New Zealand market.”

ENDS

Note to the Editors:

About BBY:

BBY is a proudly Australian & New Zealand independent financial services group and Australia’s largest non-bank owned stockbroker. BBY has offices and staff in Sydney, Melbourne, Perth, Adelaide, Gold Coast, Auckland, Wellington, London and New York. With an extensive global reach, BBY is able to service the local and international needs of high growth companies, institutional investors, broker dealers and private investors.

Today, BBY is one of the fastest growing, securities firms in Australia and New Zealand with an average of $100 million per day turnover on the Australian Stock Exchange (17th by market share, 2nd by options market share). BBY also ranks as the 4th Best Equity Capital Markets Bank in Australia according to the 2012 East Coles Survey.

Furthermore, BBY has stayed ahead of the curve by not only educating its client, but also by sourcing the best platforms on offer around the world. BBY Online, BBY Investing and BBY Education currently offer Australia and New Zealand’s largest range of tradeable instruments.

BBY has a wealth of Australian and international institutional clients with over $2 billion worth of capital raisings completed in the last 5 years.

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