By: Joyce Moullakis and Tony Boyd
BBY Asia Pacific Group will form a key part of George Wang's plan to increase financial ties between Australia and Asia, as the new group looks to restart the bulk of its operations in coming weeks.
AIMS chairman and chief Mr Wang acquired the remnants of failed stockbroking and advisory firm BBY last week, after the company was placed in voluntary administration on May 18. Mr Wang on Wednesday said he retained the BBY name because of its long history and is hopeful to retain the lion's share of local employees.
He also has plans for BBY in China and broader Asia.
"As you know at AIMS our strategy for many years, for 18 years, has been to build a bridge between Asia and Australia for capital and deal flow, and BBY is one component to deliver our strategy," he told Fairfax Media.
"Between Australia and Asia, especially China, there is a very big gap."
Mr Wang installed former Pershing Australia boss Craig Mason this week to run the re-branded BBY.
Mr Mason said the company would continue to offer and support an array of products with a lower appetite for risk.
"We are not going to actually close down any business models, we are going to make sure we have the appropriate style business, and we understand the risks and monitor the risk associated with that," he said.
"Brokers fail because they don't pay attention to the risk profile of the business they are taking on and that's something for the regulators to take care of.
"We will make sure we have the appropriate risk controls in place and monitoring controls in place to ensure that the business we support is as risk averse as possible. We want to provide a greater depth of product but in a very risk controlled environment."
AIMS has other businesses spanning mortgage broking, funds management, real estate investment trusts (REITs), property development, and owns the Asia Pacific Stock Exchange.
Mr Wang has been in talks with BBY regarding an investment in the firm since last year. He formalised the agreement with BBY's administrators KPMG and receivers PPB Advisory last week.
Source: AIMS, George Wang to use BBY to help boost Australia-Asia ties