BBY Ltd

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BBY Limited
Type Private
Industry Financial Services
Founded 1987
Founder(s) J. William Burdett[1]
Headquarters Sydney, Australia
Key people

Glenn Rosewall
Executive Chairman
Arun Maharaj
Chief Executive Officer
Ken Rosewall
Non-Executive Director

David Perkins
Non-Executive Director
Products Online Trading
Financial Services
Investment Banking
Sales & Trading
Research
Asset Management
Wealth Management
Broker Dealer Services
Website www.bby.com.au
www.bby.co.nz

BBY Ltd is an Australian stock broking, corporate advisory and asset management firm. It is the largest non-bank owned stockbroker in Australia and New Zealand by market share.[2] The group provides financial and advisory services to emerging companies and their investors including corporate finance, research, sales & trading, asset management and broker dealer services.[3] By 2010, BBY averaged client orders per day greater than A$150 million, placing it as Australia's fourth-largest domiciled stockbroker.[4] As of June 2012, BBY was ranked 10th overall in Australia by equity volume.[5]

Background[edit]

BBY, formerly known as Burdett Buckeridge Young Limited, was established in 1987 by three former A.C. Goode & Co. brokers, in conjunction with the State Bank of Victoria. The acquisition of State Bank by the Commonwealth Bank of Australia in the early 1990s saw the disposal of their interest and subsequently Jefferies & Co. acquired an equity stake in the firm.

Since then, BBY has established institutional broking and capital raising services on the back of its research platform. The company’s Head Office is in Sydney with offices in Adelaide, Auckland, Gold Coast, London, Melbourne, New York, Perth and Wellington.

In 2005 the Australian Securities and Investments Commission issued a warning against BBY for allegedly failing to manage conflicts of interest for publishing positive research about a corporate client it was advising. ASIC imposed special conditions on BBY's financial services licence.[6]

In 2006, the company completed the acquisition of Jaguar Asset Management Ltd.[7] Two years earlier, in 2004, the two companies had entered into a strategic alliance, under which Jaguar managing director Glenn Rosewall was appointed chief executive officer of BBY.[8]

In 2008, the company also won the Best Corporate Deal of the year in The Australian Stockbrokers Foundation Hall of Fame 2008.[9] Soon afterwards, BBY established a partnership with CIMB, Malaysia's second largest financial services provider, and fifth largest in Southeast Asia by total assets.

In 2011, BBY acquired the private client advisor network from Australian-based StoneBridgeGroup. Combined, BBY and StoneBridge's private client businesses host more than 80 advisers, plus support staff. Services offered include equities and options trading, futures, warrants, over the counter trading, currency, funds management, portfolio administration and reporting.[10] Shortly after completing the StoneBridge acquisition, BBY began self-clearing with GBST's equities clearing and settlement platform, Shares. BBY moved to the fully integrated version of GBST Shares, which includes derivatives, shares, risk, front office and infrastructure hosting and is expected to provide greater scale for the BBY business.[11] BBY continued to rank ninth in the "Best Overall Investment Bank" survey by East Coles.[12]

References[edit]