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JBWere

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Stockbroking firm (e. 1840)
JBWere
FormerlyGoldman Sachs JBWere
Company typePublic
Traded asASX: NAB
IndustryInvestment Banking
Founded1840
FounderJonathan Binns Were
HeadquartersAustralia
Area servedMelbourne Sydney Canberra Brisbane Adelaide Perth Auckland Christchurch Wellington
Key peopleMaria Lykouras CEO | Sally Auld Chief investment officer
ServicesWealth management Securities research Alternative investment Fixed income
AUMIncrease AUD$61.2 billion (2024)
Number of employees500-1000
ParentNational Australia Bank
Websitewww.jbwere.com.au

JBWere is an Australian Investment Management firm. It was founded in Melbourne in 1840 by Jonathan Binns Were.

Staniforth Ricketson, a descendant of Were, was made a partner in J. B. Were & Son Ltd in 1914 and eventually became sole proprietor. Under Ricketson, the firm consolidated its market share, promoting and underwriting share offerings for many large companies. In 1928, the firm established Were's Investment Trust Ltd, which later became the Australian Foundation Investment Company (AFIC). The firm also backed the National Reliance Investment Company in 1929, the Capel Court Investment Trust in 1936, and the Jason Investment Trust in 1937; its holdings became known as the Capel Court group of companies. Ricketson expanded the firm interstate and opened a London branch; at the time of his death in 1967 the firm had over 400 employees.

In 2003, Goldman Sachs purchased a 45% shareholding in JBWere. In 2009, the National Australia Bank (NAB) acquired an 80% shareholding in the private wealth division, and moved to 100% in 2016. Around that time the firm was split; with the name 'JBWere' and the firm's retail brokering business being sold to the NAB. NAB completed its takeover of the relevant divisions in 2016.

Of the parts of the joint venture not sold to NAB, the remainder was acquired by Goldman Sachs in April 2011.

References

  1. "Goldman Sachs | Commemorates 150 Year History - Goldman Sachs Begins Joint Venture with JBWere, Australia". Goldman Sachs. Retrieved 2023-07-15.
  2. Strahan, Frank (2002). "Ricketson, Staniforth (1891–1967)". Australian Dictionary of Biography. Vol. 16.
  3. Gilmour, John (1967). "The man who built and empire and ruled like an emperor". Australian Financial Review. Retrieved 19 November 2022.
  4. "JBWere speaks out on Goldman deal". The Age. 2003-02-22. Retrieved 2023-07-15.
  5. "Goldman Sachs | Commemorates 150 Year History - Goldman Sachs Begins Joint Venture with JBWere, Australia". Goldman Sachs. Retrieved 2023-07-15.
  6. "NAB completes takeover of 80% of JBWere". Sydney Morning Herald. 2009-11-02. Archived from the original on 2023-07-15. Retrieved 2023-07-15.
  7. NAB takes majority stake in Goldman Sachs JBWere Unit Wall Street Journal 30 July 2009
  8. "NAB buys remaining 20% JBWere stake". Herald Sun. 18 January 2016.
  9. NAB Private drops wealth advice to focus on banking Australian Financial Review 14 March 2016
  10. "Goldman Sachs | Commemorates 150 Year History - Goldman Sachs Begins Joint Venture with JBWere, Australia". Goldman Sachs. Retrieved 2023-07-15.
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