Leading Australian stock broker BBY Limited has made a brave move in its expansion strategy as it has announced the acquisition of New Zealand based Edge Capital Markets, the move means BBY will add to its wide range of products to include currencies and derivatives. In addition, 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.
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“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.”
New Zealand has come under the radar after the local financial regulator decided to make changes to the way firms operate in the worlds least corrupt nation. New Zealand witnessed an influx of FX brokers who were able to take advantage of lapsed procedures in setting up financial services firms.