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Australian Broking Firm grabs New Zealand Broker
Australian Broking Firm grabs New Zealand Broker
Saturday, 11 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.”
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