A stockbroking firm in control of more than $2 billion in funds has fallen into the hands of administrators.
BBY has appointed KPMG to run the firm after it failed to secure new investors to inject new capital into its business.
Tennis great Ken Rosewall is a director of BBY, and his son Glenn Rosewall is the company's executive chairman.
The firm was established in 1987 and services institutional investors, private clients and high growth companies from Australia and around the world.
It employs about 200 staff, with its head office in Sydney and other operations in Melbourne, Brisbane, the Gold Coast, Adelaide, Perth, London, New York, Wellington and Auckland.
Glenn Rosewall has written to staff advising them of the appointment of voluntary administrators, and KPMG met with workers on Monday.
Administrators Stephen Vaughan and Ian Hall said they are working to understand BBY's financial and legal position.
"We are in the process of reviewing records of the companies with a view to ensuring that all client positions are identified and reconciled as swiftly as possible," they said.
A meeting of creditors will be held on May 27.
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