JBWere

JBWere is an Australian investment management and wealth-services brand whose history traces to a Melbourne firm founded in 1840 by Jonathan Binns Were. The business developed from a securities and investment partnership into one of Australia’s longstanding financial institutions, participating in capital raising, share underwriting, investment trusts, stockbroking and investment management. Its historical name was associated with J. B. Were & Son Ltd and later with the broader JBWere business. A major period of expansion occurred under Staniforth Ricketson, a descendant of Jonathan Binns Were. Ricketson became a partner in 1914 and eventually sole proprietor. During his leadership, the firm consolidated its market position and promoted or underwrote share offerings for a number of large Australian companies. It also expanded beyond Melbourne, opened a London branch and grew to more than 400 employees by the time of Ricketson’s death in 1967. JBWere also played a role in creating and supporting investment vehicles. In 1928, the firm established Were’s Investment Trust Ltd, which later became the Australian Foundation Investment Company. It backed the National Reliance Investment Company in 1929, the Capel Court Investment Trust in 1936 and the Jason Investment Trust in 1937. The related holdings became associated with the Capel Court group of companies, linking JBWere’s historical activities to the development of Australian listed investment structures. The ownership structure changed substantially in the twenty-first century. Goldman Sachs acquired a 45 percent shareholding in JBWere in 2003. In 2009, National Australia Bank acquired an 80 percent interest in the private wealth division, and NAB ultimately increased its ownership to 100 percent in 2016. During this period, the business was divided into components. The JBWere name and the retail broking business were transferred to NAB, while the portion of the joint venture that was not sold to NAB was acquired by Goldman Sachs in April 2011. Today, JBWere is best understood as a specialist Australian wealth and investment brand within the NAB group rather than as an independently listed company. Its positioning is rooted in long institutional experience, investment management, private wealth advice and related securities services. The available reference material does not establish a separate current international operating footprint, detailed product architecture, current leadership roster or standalone financial reporting for the brand.

JBWere originated in Melbourne in 1840, when Jonathan Binns Were established the firm that would become associated with the J. B. Were name. Its early development placed it within Australia’s securities and investment industry, although the surviving reference material does not provide a detailed account of its first decades. The business became particularly influential under Staniforth Ricketson, a descendant of Were. Ricketson joined J. B. Were & Son Ltd as a partner in 1914 and later became sole proprietor. Under his direction, the firm strengthened its market position and promoted and underwrote share offerings for major companies. He also oversaw geographic expansion, including growth outside Melbourne and the establishment of a London branch. By the time of his death in 1967, the organization employed more than 400 people. JBWere’s historical activities extended beyond broking and underwriting into investment trusts and related investment companies. In 1928, it established Were’s Investment Trust Ltd, which subsequently became the Australian Foundation Investment Company. 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. The firm’s associated holdings became known as the Capel Court group of companies, demonstrating its role in the formation and promotion of Australian investment vehicles. The ownership model changed in 2003, when Goldman Sachs purchased a 45 percent shareholding in JBWere. The business subsequently operated through a joint-venture structure that was progressively reorganized. In 2009, National Australia Bank acquired an 80 percent interest in the private wealth division. Goldman Sachs later acquired the remaining part of the joint venture that had not been sold to NAB in April 2011. By 2016, NAB had increased its ownership of the private wealth division to 100 percent. The business was also divided into components, with the JBWere name and retail broking operation sold to NAB and the relevant NAB takeover completed. The remaining joint-venture interests had already moved to Goldman Sachs in 2011. This sequence transformed JBWere from an independently recognizable investment partnership and joint-venture business into a brand associated with NAB’s Australian wealth and investment-services operations. The reference material does not provide sufficient information to document every subsequent organizational change, current executive, detailed service range or separate financial performance. JBWere’s documented identity nevertheless rests on three connected elements: its nineteenth-century Melbourne origins, its historical participation in Australian capital markets and investment trusts, and its later integration and ownership restructuring involving Goldman Sachs and National Australia Bank.

• 2016

  NAB reaches full ownership of the private wealth division

  [1]JBWereen.wikipedia.org

  NAB increased its ownership to 100 percent and acquired the JBWere name and retail broking business during the subsequent separation of the business.

• 2011

  Goldman Sachs acquires the remaining non-NAB joint-venture interests

  [1]JBWereen.wikipedia.org

  Goldman Sachs acquired the part of the joint venture that had not been sold to NAB in April 2011.

• 2009

  NAB acquires 80 percent of the private wealth division

  [1]JBWereen.wikipedia.org

  National Australia Bank acquired an 80 percent interest in JBWere’s private wealth division.

• 2003

  Goldman Sachs acquires a 45 percent shareholding

  [1]JBWereen.wikipedia.org

  Goldman Sachs purchased a 45 percent interest in JBWere, initiating a significant change in the firm’s ownership structure.

• 1967

  Ricketson dies with the firm employing more than 400 people

  [1]JBWereen.wikipedia.org

  At the time of Staniforth Ricketson’s death, the firm had expanded to more than 400 employees and had developed interstate and London operations.

• 1937

  Jason Investment Trust backed

  [1]JBWereen.wikipedia.org

  JBWere backed the Jason Investment Trust, adding to its historic portfolio of investment vehicles.

• 1936

  Capel Court Investment Trust backed

  [1]JBWereen.wikipedia.org

  The firm backed the Capel Court Investment Trust, whose associated holdings became linked with the Capel Court group of companies.

• 1929

  National Reliance Investment Company backed

  [1]JBWereen.wikipedia.org

  JBWere backed the National Reliance Investment Company as part of its broader investment-company activities.

• 1928

  Were’s Investment Trust established

  [1]JBWereen.wikipedia.org

  The firm established Were’s Investment Trust Ltd, which later became the Australian Foundation Investment Company.

• 1914

  Staniforth Ricketson becomes a partner

  [1]JBWereen.wikipedia.org

  Staniforth Ricketson, a descendant of Jonathan Binns Were, joined J. B. Were & Son Ltd as a partner and later became sole proprietor.

• 1840

  Firm founded in Melbourne

  [1]JBWereen.wikipedia.org

  Jonathan Binns Were founded the business in Melbourne, establishing the institutional roots of the later JBWere brand.

A long-established Australian investment and private wealth brand focused on investment management, wealth services and securities-related activities, with heritage extending back to nineteenth-century Melbourne.

• Investment services

  Investment management

  Investment management is a core part of JBWere’s identity as an Australian financial-services brand. The firm’s historical activities included securities, investment-company sponsorship and portfolio-related services. The available reference does not specify a complete current product menu, investment mandates, fee structure or named funds operated under the contemporary brand.

• Wealth management

  Private wealth management

  JBWere’s private wealth division became the subject of NAB’s ownership acquisition beginning in 2009 and reaching full ownership in 2016. It represents the brand’s specialist wealth-management orientation, although the supplied sources do not provide detailed information about advice models, client segments or current service packages.

• Securities broking

  Retail broking

  Retail broking formed part of the JBWere business and, during the 2016 restructuring, the JBWere name and retail broking operation were sold to NAB. The service connected the brand to individual securities trading and Australian capital-market participation, but the available material does not identify current platforms or detailed product specifications.

• Investment vehicles · 1928

  Investment trusts and investment companies

  Historically, JBWere established or backed several investment vehicles. These included Were’s Investment Trust Ltd, later known as the Australian Foundation Investment Company, the National Reliance Investment Company, the Capel Court Investment Trust and the Jason Investment Trust. These activities are important to the firm’s historical role in Australian investment structures, rather than a confirmed description of its current branded offerings.

• 2016

  NAB completes ownership and brand transferM&A

  Background

  The JBWere operations were divided into components after the earlier transactions involving NAB and Goldman Sachs.

  Action taken

  NAB increased its ownership of the private wealth division to 100 percent and acquired the JBWere name and retail broking business.

  Aftermath

  JBWere became associated with NAB’s Australian wealth and investment-services activities, while the non-NAB portion of the former joint venture had been acquired by Goldman Sachs in 2011.

  Ownership of private wealth division. 80 percent held by NAB → 100 percent held by NAB (2016)

  Source

• 2009

  NAB acquires a controlling interest in the private wealth divisionM&A

  Background

  The JBWere business was reorganized through a transaction involving its private wealth division.

  Action taken

  National Australia Bank acquired an 80 percent shareholding in the private wealth division.

  Aftermath

  NAB became the controlling owner of the private wealth operation, while the wider joint-venture structure remained subject to further change.

  Shareholding acquired. 80 percent held by NAB (2009)

  Source

• 2003

  Goldman Sachs acquires a minority shareholdingM&A

  Background

  JBWere entered a new ownership phase as Goldman Sachs purchased a 45 percent shareholding in the business.

  Action taken

  Goldman Sachs acquired the 45 percent interest and became a major shareholder.

  Aftermath

  The transaction preceded later joint-venture restructuring and the eventual separation of interests between Goldman Sachs and NAB.

  Shareholding acquired. 45 percent held by Goldman Sachs (2003)

  Source

1. 1JBWereen.wikipedia.org