BBY Ltd
Encyclopedia
BBY Ltd is an Australian focused stock broking, corporate advisory
and asset management firm. The group provides financial and advisory services to emerging companies and their investors including corporate finance
, research
, sales
& trading
, and asset management services. BBY's objective is to be a leading securities firm, providng solutions to high growth, small and medium sized corporations within Australia and internationally. By 2010, BBY averaged client orders per day greater than A$150 million, placing it as Australia's fourth-largest domiciled stockbroker.
. 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 has offices in Sydney
, Melbourne
and overseas in the United Kingdom
and the United Arab Emirates.
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.
In 2006, the company completed the acquisition of Jaguar Asset Management Ltd. 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.
In 2008, the company won an International Stevie Award for Best New Financial Product in The 2008 International Business Awards. The company also won the Best Corporate Deal of the year in The Australian Stockbrokers Foundation Hall of Fame 2008. 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 business's will host more than 80 advisers, plus support staff. Services offered will include equities and options trading, futures, warrants, over the counter trading, currency, funds management, portfolio administration and reporting.
Corporate advisory
Corporate advisory refers to the activity of advising organisations, including corporations, institutions and government bodies, on mergers and acquisitions and other transactions that involve a change in ownership of a company or business...
and asset management firm. The group provides financial and advisory services to emerging companies and their investors including corporate finance
Corporate finance
Corporate finance is the area of finance dealing with monetary decisions that business enterprises make and the tools and analysis used to make these decisions. The primary goal of corporate finance is to maximize shareholder value while managing the firm's financial risks...
, research
Research
Research can be defined as the scientific search for knowledge, or as any systematic investigation, to establish novel facts, solve new or existing problems, prove new ideas, or develop new theories, usually using a scientific method...
, sales
Sales
A sale is the act of selling a product or service in return for money or other compensation. It is an act of completion of a commercial activity....
& trading
Trade
Trade is the transfer of ownership of goods and services from one person or entity to another. Trade is sometimes loosely called commerce or financial transaction or barter. A network that allows trade is called a market. The original form of trade was barter, the direct exchange of goods and...
, and asset management services. BBY's objective is to be a leading securities firm, providng solutions to high growth, small and medium sized corporations within Australia and internationally. By 2010, BBY averaged client orders per day greater than A$150 million, placing it as Australia's fourth-largest domiciled stockbroker.
Background
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 VictoriaState Bank of Victoria
The State Bank of Victoria was a bank that existed from 1842 until 1990 when it was taken over by the Commonwealth Bank. It was owned by the State of Victoria....
. The acquisition of State Bank by the Commonwealth Bank of Australia
Commonwealth Bank of Australia
The Commonwealth Bank of Australia is a multinational bank with businesses across New Zealand, Fiji, Asia, USA and the United Kingdom. Commonwealth Bank provides a variety of financial services including retail, business and institutional banking, funds management, superannuation, insurance,...
in the early 1990s saw the disposal of their interest and subsequently Jefferies & Co.
Jefferies & Co.
Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. is a global investment bank and institutional securities firm...
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 has offices in Sydney
Sydney
Sydney is the most populous city in Australia and the state capital of New South Wales. Sydney is located on Australia's south-east coast of the Tasman Sea. As of June 2010, the greater metropolitan area had an approximate population of 4.6 million people...
, Melbourne
Melbourne
Melbourne is the capital and most populous city in the state of Victoria, and the second most populous city in Australia. The Melbourne City Centre is the hub of the greater metropolitan area and the Census statistical division—of which "Melbourne" is the common name. As of June 2009, the greater...
and overseas in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
and the United Arab Emirates.
In 2005, The Australian Securities and Investments Commission
Australian Securities and Investments Commission
The Australian Securities & Investments Commission is an independent Australian government body that acts as Australia's corporate regulator...
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.
In 2006, the company completed the acquisition of Jaguar Asset Management Ltd. 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.
In 2008, the company won an International Stevie Award for Best New Financial Product in The 2008 International Business Awards. The company also won the Best Corporate Deal of the year in The Australian Stockbrokers Foundation Hall of Fame 2008. Soon afterwards, BBY established a partnership with CIMB
CIMB
CIMB Group CIMB Group is a regional universal bank operating in high growth economies in ASEAN. CIMB Group has the widest retail branch network across the region and is an indigenous ASEAN investment bank....
, 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 business's will host more than 80 advisers, plus support staff. Services offered will include equities and options trading, futures, warrants, over the counter trading, currency, funds management, portfolio administration and reporting.