BBY has announced it has signed a sale and purchase agreement to acquire the StoneBridge Private Client Adviser network, staff and product platforms.
The StoneBridge Group is a boutique investment firm with over 15 years experience in the Australian public and private markets and its team comprises of over 200 staff, including 110 investment advisers.
Australian-owned BBY has previously built market share on the strength of its corporate, research and institutional businesses and the acquisition is an important strategic development for BBY.
The acquisition will provide BBY's entry into the Perth, Adelaide and Gold Coast markets and will also add a substantial distribution capacity for BBY's equity capital markets businesses.
"StoneBridge represents a tremendous strategic fit with BBY, as it allows BBY to complement our existing institutional equities strengths with a substantial Private Client business and further expand our product offering to clients," said BBY CEO and Managing Director Glenn Rosewall.
"The Advisers that are coming across from StoneBridge are providing excellent services in equities and options trading, Futures, FX, CFDs and derivatives.'
It is expected that StoneBridge teams will join BBY in late July, 2011.
BBY is an Australian focused stockbroking, corporate advisory and asset management firm with offices in Sydney, Melbourne, UK and UAE along with a global presence in the USA and Asia.