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ASX:BFG

A leading Australian financial services business.

BELL FINANCIAL GROUP (ASX: BFG)

Bell Financial Group Limited (Bell Financial Group) is an Australian‑based provider of full service and online broking, corporate finance and financial advisory services to private, institutional and corporate clients.

Originally founded by Colin Bell in 1970 as a commodities trading business, through organic growth and successful acquisitions we have grown to become one of the largest Australian-based stockbroking, investment and financial advisory firms. The Group has over 750 employees including over 325 advisers, operates across 11 offices in Australia and has offices in New York, London, Hong Kong and Kuala Lumpur.

Across our companies Bell Potter Securities Ltd, Bell Potter Capital Ltd and Third Party Platform Pty Ltd, we service over 600,000 clients with funds under advice exceeding $80.5 billion. Our collective strength lies in providing focused investment solutions for all our clients – corporations, institutions, superannuation funds and individuals.

Publicly listed in 2007, we have demonstrated consistent revenue growth and retained a solid balance sheet with no core operating debt. The Group is led by an experienced, stable Board and management team which has a substantial stake in the Group.

750

EMPLOYEES

325

ADVISORS

15

OFFICES GLOBALLY

80.5b

FUNDS UNDER ADVICE

A LONG HISTORY OF INNOVATION, GROWTH AND PROFITABILITY

Timeline
Timeline

OUR BUSINESSES

We are made up of a number of leading brands that provide retail broking, institutional broking, intermediary broking, online broking, equity capital markets, research, foreign exchange, cash management, margin lending and portfolio administration.

BELL POTTER SECURITIES LTD

Bell Potter Securities is a leading Australian provider of full service stockbroking, investment advisory and financial services. The company consists of businesses Bell Potter Securities and Bell FX. It operates across 11 offices in Australia, as well as offices in New York, London and Hong Kong and has over 600 employees.

Bell Potter Securities provides equities broking, capital raising and financial services to the Australian corporate, institutional, wholesale and private client markets. Bell Potter Securities has over 325 financial advisers who service more than 120,000 retail, wholesale and institutional accounts with funds under advice exceeding $44 billion.

Bell FX provides foreign exchange execution services for corporate and individual customers which includes spot and forward foreign exchange, foreign currency options, tailored forwards, research and foreign currency accounts.

Revenue is generated from: equities and exchange traded options brokerage; recurring revenue from platforms, products and services; and fee income from equity capital markets transactions.

BUSINESSES

BELL POTTER CAPITAL LTD

Bell Potter Capital is a margin lending and at-call investment business that was established in 2006.

The only non-bank margin lender in the market, the Bell Potter Capital team conservatively manages an approximately $500 million loan book and $460 million at-call investment book through its operation of the Bell Financial Trust. Bell Potter Capital has a 30% average LVR across the loan book and there have been no bad debts in the company’s history.

Bell Potter Capital is primarily focused on providing high quality, well-managed products to a broad range of investors. Its margin loan and at-call products are offered through both the Bell Potter Securities and Third Party Platform client networks.

Bell Potter Capital recently acquired two structured loan products (Equity Lever and Geared Equity Investment), growing the loan book, increasing direct sales access to financial advisers and providing new products for stockbroking clients.

Bell Potter Capital principally generates revenue from net interest income and recurring fee income. Net annual revenue has grown by 19% to $19.6 million.

BUSINESSES

THIRD PARTY PLATFORM LTD

Third Party Platform Pty Ltd (Third Party Platform) operates through its brand names, Bell Direct, Desktop Broker, Bell Direct Advantage and Bell Potter Online, plus its white label partners Macquarie Online and HSBC Online to provide online retail broking, online intermediary broking and white label online broking services to institutional clients.

Third Party Platform is the only fully integrated open architecture platform in Australia and utilises proprietary new generation technology developed by an experienced management team. Third Party Platform operates from three offices located in Sydney, Perth and Kuala Lumpur, and has over 85 employees. Third Party Platform has $33.9 billion in CHESS sponsored holdings and 265,000 client accounts.

Over the past five years, Third Party Platform has demonstrated consistent growth in revenue, sponsored holdings and client account revenue. Annual revenue has grown to $30.4 million.

Bell Financial Group made an initial investment in Third Party Platform of 25% in 2007 and completed its acquisition in 2018.

BUSINESSES

OUR TEAM

Team Member

Brian Wilson AO

Independent Chairman

Team Member

Alastair Provan

Non-Executive Director

Graham Cubbin

Graham Cubbin

Independent Director

Team Member

Christine Feldmanis

Non-Executive Director

Team Member

Dean Davenport

Co-Chief Executive Officer

Team Member

Arnie Selvarajah

Co-Chief Executive Officer

Team Member

Andrew Bell

Non-Executive Director

Team Member

Lewis Bell

Head of Compliance of Bell Potter Securities Ltd

Team Member

Rowan Fell

Chief Executive Officer of Bell Potter Capital Ltd

Team Member

Lee Muco

Chief Executive Officer of Third Party Platform Pty Ltd

Team Member

James Unger

Head of Corporate Finance of Bell Potter Securities Ltd

Team Member

Dean Surkitt

Managing Director of Retail of Bell Potter Securities Ltd

Team Member

Joe Tillig

Chief Technology Officer

Team Member

Brendan Goff

Group Head of Compliance

Team Member

James Gordon

Head of Australian Institutional Broking of Bell Potter Securities Ltd

Team Member

Cindy-Jane Lee

Group General Counsel and Company Secretary

Team Member

Chris Savage

Head of Research of Bell Potter Securities Ltd

Team Member

Craig Saunders

Group Head of Sales

Team Member

Ryan Phillips

Head of Bell Direct Advantage

STRATEGY

We believe a measured growth strategy and commitment to technology investment differentiates us and provides a distinct competitive advantage.

NEWS

Media ReleasesASX Announcements
27 November 2024

Letter to Shareholders regarding BFG Offer

View Announcement >
Media ReleasesASX Announcements
27 November 2024

BFG and SelfWealth enter into Scheme Implementation Deed

View Announcement >
Media ReleasesASX Announcements
27 November 2024

BFG revised proposal to acquire SelfWealth

View Announcement >
Media ReleasesASX AnnouncementsResults and Reporting
19 April 2024

Q1 2024 Trading Update

View Announcement >
ASX AnnouncementsResults and Reporting
16 February 2024

BFG 2023 Full Year Results Presentation

View Announcement >
ASX AnnouncementsResults and Reporting
16 February 2024

BFG 2023 Annual Report and Appendix 4E

View Announcement >

SEE OLDER ANNOUNCEMENTS

2018

20 November 2018Resignation of Brenda Shanahan from BFG Board
24 October 2018 BFG - Presentation with Market Update
10 August 2018Dividend Distribution - BFG
10 August 2018BFG announces first half profit before tax $14.2m
10 August 2018BFG half year results announcements
10 July 2018BFG expects first half profit to be up approximately 65%
5 July 2018BFG completes acquisition of 100% of Third Party Platform
4 July 2018Change of Director's Interest Notice
4 July 2018Change of Directors Interest Notice
4 July 2018Change of Director's Interest Notice
4 July 2018Change of Director's Interest Notice
4 July 2018Change of Director's Interest Notice
4 July 2018Change of Director's Interest Notice
3 July 2018Change in substantial holding
3 July 2018Appendix 3B
26 June 2018Entitlement Offer Successful Close & Shortfall notification
12 June 2018BFG Entitlement Offer - Despatch of Offer Booklet completed
4 June 2018BFG Entitlement Offer - Letter to ineligible shareholders
1 June 2018BFG Entitlement Offer - Letter to eligible shareholders
1 June 2018BFG Appendix 3B
1 June 2018BFG Cleansing Notice
1 June 2018BFG Renounceable Entitlement Offer Booklet
1 June 2018BFG Renounceable Entitlement Offer
30 May 20182018 BFG AGM Results
30 May 20182018 AGM - Managing Director's Presentation
30 Apr 2018BFG seeks approval to increase ownership in TPP to 100%
30 Apr 2018Notice of Annual General Meeting/Proxy Form
30 Apr 2018Change in substantial holding
21 Feb 2018Bell Financial Group reports strong full year results, NPAT up 26%
21 Feb 2018Dividend Distribution - BFG
21 Feb 2018BFG 2017 Corporate Governance Statement and Appendix 4G
21 Feb 2018BFG Annual Report 2017 and Appendix 4E

1H24 KEY FINANCIAL HIGHLIGHTS

REVENUE

$138.7m

18.3% increase on 1H23

PROFIT AFTER TAX

$16.6m

50% increase on 1H23

EARNINGS PER SHARE

$5.2¢

49% increase on 1H23

DIVIDEND PER SHARE

4.0¢

33% increase on 1H23

RETURN ON EQUITY

9.9%

42.5% increase on 1H23

EBITDA MARGIN

20.1%

23.0% increase on 1H23

PE MULTIPLE

14.6x

Based on 30/6/2024 BFG share price and 12 months NPAT to 30/6/ 2024

FUNDS UNDER ADVICE

$80.5b

0.9% increase on 2023

Annual Report

20232022202120202019

PERFORMANCE (ASX:BFG)

FINANCIAL CALENDAR

DIVIDENDS

CORPORATE GOVERNANCE

CORPORATE GOVERNANCE STATEMENT

APPENDIX 4G

BOARD CHARTER
CODE OF CONDUCT
DISCLOSURE AND COMMUNICATION POLICY AND GUIDELINES
DIVERSITY POLICY
GROUP RISK AND AUDIT COMMITTEE CHARTER
DESCRIPTION OF RISK MANAGEMENT POLICY AND FRAMEWORK
TRADING POLICY
WHISTLEBLOWER POLICY
MODERN SLAVERY STATEMENT

CONTACT

CONTACT DETAILS

REGISTERED ADDRESS

Bell Financial Group Ltd
Level 29, 101 Collins Street
Melbourne VIC 3000

POSTAL ADDRESS

Bell Financial Group Ltd
GPO Box 4718
Melbourne VIC 3001

PHONE

Australia 1300 023 557
International +61 3 9256 8700

FAX

1800 000 101

EMAIL

COMPANY SECRETARY

Cindy-Jane Lee
General Counsel & Company Secretary
Level 29, 101 Collins Street
Melbourne VIC 3000

SHARE REGISTRY

Computershare Investor
Services Pty Ltd
Yarra Falls
452 Johnston Street
Abbotsford VIC 3067
Toll Free: 1300 850 505 (Aus)
Tel: +61 (0)3 9415 4000 (Overseas)
www.computershare.com

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Team Member

Dean Davenport

Co-Chief Executive Officer

Dean Davenport is the Co-Chief Executive Officer of Bell Financial Group. Mr Davenport was previously Chief Financial Officer and Chief Operating Officer for the Group and held these positions for over 20 years. Dean is a qualified Chartered Accountant with over 30 years’ financial services experience. He previously worked at KPMG Melbourne for five years. Dean is Chairman of Bell Potter Capital Ltd and a Director of Bell Potter Securities Ltd. He holds a Bachelor of Business (Accounting) from Swinburne University.
Team Member

Arnie Selvarajah

Co-Chief Executive Officer

Arnie Selvarajah is the Co-Chief Executive Officer of Bell Financial Group. He was previously Chief Executive Officer of Third Party Platform Pty Ltd including its associated businesses Bell Direct, Desktop Broker and Bell Potter Online from 2008 to 2023. Arnie has more than 25 years' experience in financial services. In his time at Third Party Platform, he has driven growth through a focus on technology and customer service. Arnie is the Chairman of Third Party Platform Pty Ltd and is a Director of Bell Potter Securities Ltd. He holds a Bachelor of Commerce and Masters of Business Administration from the University of New South Wales.
Team Member

Brian Wilson AO

Independent Chairman

Mr Brian Wilson is Independent Chairman of Bell Financial Group. He is also a member of the Group Risk and Audit Committee. Mr Wilson was appointed to the Board in October 2009 and became Independent Chairman in November 2023. He is a Senior Advisor to The Carlyle Group and Chairman of the UTS Foundation. Mr Wilson is the former Chairman of Australia’s Foreign Investment Review Board, a former Chancellor of University of Technology Sydney and a former member of the Payments System Board of the Reserve Bank of Australia. He was a member of the Commonwealth Government Review of Australia’s Superannuation System and a member of the ATO Superannuation Reform Steering Committee. Mr Wilson retired in 2009 as a Managing Director of the global investment bank Lazard, after co-founding the firm in Australia in 2004 and prior to that was a Vice-Chairman of Citigroup Australia and its predecessor companies.
Team Member

Alastair Provan

Non-Executive Director

Mr Alastair Provan is a Non-Executive Director of Bell Financial Group. He was Executive Chairman from 15 August 2019 to 1 November 2023. Mr Provan joined Bell Commodities in 1983 and held a number of dealing and management roles prior to becoming Managing Director from 1989 to 2019.
Team Member

Andrew Bell

Non-Executive Director

Andrew Bell joined Bell Potter alongside his brother Colin Bell in 1978 and helped build the Group. Throughout this time, Andrew has and continues to be actively involved in developing the sales and distribution activities of the business and servicing retail and corporate clients of the firm. Andrew is a Director of Bell Potter Securities Ltd and Bell Potter Capital Ltd. He holds a Bachelor of Commerce and Masters of Business Administration from the University of Melbourne. Andrew was appointed to the Bell Financial Board as a Non-Executive Director in 2023.
Team Member

Lewis Bell

Head of Compliance - Bell Potter Securities Ltd

Lewis Bell is a director at Bell Potter Securities. He joined Bell Financial Group in 1980 after working in management positions with Australian industrial companies, Kiwi International Limited and Phillip Morris Limited. Lewis is a Director of Bell Potter Securities Ltd and Bell Potter Capital Ltd. He graduated from the University of Melbourne, Bachelor of Laws, and from the Wharton School of Finance and Commerce, Master of Business Administration.
Team Member

Dean Surkitt

Managing Director of Retail - Bell Potter Securities Ltd

Dean Surkitt is Managing Director of Retail at Bell Potter Securities Ltd, with full responsibility for the retail broking operations. Dean joined Bell Potter Securities in 2010 and has a long history in the broking industry, having previously been a director at Prudential Securities Australia, and Managing Director of Citigroup Smith Barney in Australia. He has predominantly worked in the retail marketplace, running and managing large scale retail operations at Prudential, Citigroup and with Bell Potter Securities. Dean is a Director of Bell Potter Securities Ltd, Bell Potter Capital Ltd and Third Party Platform Pty Ltd.
Team Member

James Unger

Head of Corporate Finance - Bell Potter Securities Ltd

James Unger joined Bell Potter Securities as Head of Corporate Finance following Bell Financial Group’s acquisition of Southern Cross Equities in 2008. At Southern Cross, James was a partner and Head of Corporate, with a focus on building the firm’s institutional corporate business. Previously, he was a Director of Equity Sales and Trading at Citigroup for 11 years and serviced clients across London and Asia. He also worked at NatWest Markets in London for five years in an institutional sales role. James is the Chairman of Bell Potter Securities Ltd. He holds a Bachelor of Commerce from the University of Western Australia.
Team Member

Joe Tillig

Chief Technology Officer

Joe has over 20 years of IT experience across a variety of industries including energy, finance, IT, media, telecommunications and logistics. He joined BFG from a fintech lender Nimble where he was Chief Digital and Innovation Officer (CDIO) responsible for strategy, delivery, engineering and DevOps. Prior to that Joe was consulting to Energy Australia where he defined their digital, data and analytics strategies. He has also held senior roles at Latitude Financial Services and Sportsbet. Joe is responsible for a team of around 90 IT and development specialists within Australia and offshore.
Team Member

Brendan Goff

Group Head of Compliance

Brendan Goff is Head of Compliance for the Bell Financial Group. Brendan joined the Group in 2015 after working in management positions at UBS Wealth Management, SFG Australia Limited, Westpac and ING Australia. Brendan graduated from Macquarie University with a Bachelor of Economics, holds a Diploma of Financial Planning from RMIT University and a Diploma of Teaching (Mathematics) from the University of Sydney.
Team Member

James Gordon

Head of Australian Institutional Broking - Bell Potter Securities Ltd

James Gordon is Head of Australian Institutional Broking at Bell Potter Securities. James joined Bell Potter Securities in 2011 and has worked in the stockbroking industry for over 20 years in Australia, UK and Italy, including stints with Royal Bank of Scotland and BNP Paribas. James has extensive experience in the distribution of corporate deals specialising in stocks outside the ASX50. James and his team have a market leading position in institutional distribution and access to Tier 1 Australian institutions.
Team Member

Chris Savage

Head of Research - Bell Potter Securities Ltd

Chris Savage has over 25 years’ experience as a research analyst and has covered various sectors including technology, telecommunications, media, engineering & construction and mining services. Chris is the Head of Research at Bell Potter and helps oversee a team of around 20 analysts. Prior to Bell Potter he worked at Goldman Sachs, LINWAR and BNP Equities. Chris started on the buy-side with Credit Suisse Asset Management in 1994 but made the switch to the sell-side in 1996.
Team Member

Tim Sparks

Head of Distribution, Media and Marketing of Third Party Platform Pty Ltd

Tim Sparks is Head of Distribution, Media and Marketing for Third Party Platform Pty Ltd including its associated businesses Bell Direct, Desktop Broker and Bell Potter Online. Prior to joining Bell Direct in 2019, Tim was National Manager – Broking and Wealth Management at Vanguard Australia. Prior to that he managed the Australasian broking strategy for BlackRock's iShares and managed transaction syndication for the Commonwealth Bank of Australia’s Equity Capital Markets Team. He holds an MBAE from the Australian Graduate School of Management, a Diploma in Financial Markets from the Securities Institute of Australia and an ADA Level 2 Accreditation through the Australian Stock Exchange.
Team Member

Lee Muco

Chief Executive Officer of Third Party Platform Pty Ltd

Lee Muco is the Chief Executive Officer of Third Party Platform Pty Ltd including its associated businesses Bell Direct, Desktop Broker and Bell Potter Online. Lee has over 20 years’ experience in the delivery of market leading trading and investing solutions. He held several senior positions with Sanford Securities and was a Director and General Manager of Australian Investment Exchange Ltd, providing white labelled trading and investing solutions to several large Australian banks and a wide range of financial intermediaries including brokers and IFA groups. Lee is a Director of Third Party Platform Pty Ltd, Bell Potter Capital Ltd and Bell Potter Securities Ltd.
Team Member

Rowan Fell

Chief Executive Officer of Bell Potter Capital Ltd

Rowan Fell is the Chief Executive Officer of Bell Potter Capital Ltd and has worked in stockbroking since 1983 in a range of senior roles across research, quantitative analysis, technology, product development and margin lending. Rowan was previously a partner at Goldman Sachs JBWere where among other things, he established their margin lending business. He joined Bell Potter Securities as Director of Investment Services in 2005 and in 2006 established Bell Potter Capital, our margin lending and cash management business. Rowan is a Director of Bell Potter Capital Ltd, Bell Potter Securities Ltd and Third Party Platform Ltd. He holds an Honours in Pure Mathematics from the Australian National University.
Team Member

Ryan Phillips

Head of Bell Direct Advantage

Prior to establishing Bell Direct Advantage in Oct 2020, Ryan spent 21 years as an Executive Manager Broking & Markets and Head of CommSec One. Ryan has extensive experience in share trading, financial markets and online trading platforms as a former Responsible Manager of the largest online share trading business in Australia. His proactive approach with in-depth knowledge of market dynamics provides the foundation to a long history of managing HNW investors and traders. Ryan is a member of the Stockbrokers and Investment Advisers Association with accreditation as a Designated Trading Representative.
Team Member

Craig Saunders

Group Head of Sales

Craig Saunders is the Group Head of Sales for Bell Financial Group. Craig has over 30 years’ experience in financial markets, principally on the product development and sales sides of various businesses. Craig has worked at Ord Minnett, Leveraged Equities, Adelaide Bank, and most recently at NAB Private Wealth. Craig’s focus over his career so far has been leading teams that deliver quality financial solutions to private client investors, directly, and via Advisers.
Team Member

Cindy-Jane Lee

Group General Counsel and Company Secretary

Cindy-Jane Lee is the Group General Counsel and Company Secretary of Bell Financial Group and joined the Group in 2013. Cindy previously held the position of Regional Legal Counsel, South Asia with Mercer and she has over 20 years’ experience in corporate and financial services law working in law firms and multinational companies in Australia, London and Singapore. Cindy holds a Bachelor of Economics and a Bachelor of Laws from Monash University.
Team Member

Craig Coleman

Independent Director

Mr Craig Coleman is an Independent Director. He is also a member of the Group Risk and Audit Committee. Mr Coleman was appointed to the Board in July 2007. Mr Coleman is Executive Chairman of private and public equities fund manager, Viburnum Funds Pty Ltd. Previously, he was Managing Director and a Non-Executive Director of Home Building Society Limited. Prior to joining Home Building Society, Mr Coleman held a number of senior executive positions and directorships with ANZ, including Managing Director – Banking Products, Managing Director – Wealth Management and Non-Executive Director of Etrade Australia Limited.

Other listed companies – past three years
Chairman, Pacific Star Network Ltd (November 2017–present)
Chairman, Universal Biosensors Inc (June 2016–present)
Chairman, Rubik Financial Limited (December 2006–May 2017)
Non-Executive Director, Pulse Health Limited (January 2010–May 2017)

Team Member

Christine Feldmanis

Non-Executive Director

Christine was appointed to the Board on 21 February 2020 and is a Non-Executive Director. She has more than 30 years of experience in the financial arena, with both government and private sectors. Christine has extensive experience in investment management, finance, accounting and risk management, legal and regulatory compliance, governance and business building in both the listed and unlisted financial products markets. She is currently a Non-Executive Director and Chair of the Audit and Risk Committees of Omni Bridgeway Ltd (formerly IMF Bentham Ltd), Rabobank Australia Ltd, FIIG Securities Ltd, Utilities of Australia Pty Ltd and Hunter Water Corporation, and is Chair of Bell Asset Management Ltd. Christine formerly held senior executive and C suite positions with firms including Deloitte, Elders Finance, Bankers Trust, NSW TCorp and Treasury Group Limited. Christine holds a Bachelor of Commerce and a Masters of Applied Finance. She is a Fellow of the Australian Institute of Company Directors, Trustee Fellow of the Association of Superannuation Funds of Australia, Senior Fellow of the Financial Services Institute of Australasia and a Certified Practising Accountant.
Team Member

Graham Cubbin

Independent Director

Mr Graham Cubbin is an Independent Director. He is also Chairman of the Group Risk and Audit Committee. Mr Cubbin was appointed to the Board in September 2007. Mr Cubbin was a senior executive with Consolidated Press Holdings Limited (CPH) from 1990 until September 2005, including Chief Financial Officer for 13 years. Prior to joining CPH, he held senior finance positions with a number of major companies including Capita Financial Group and Ford Motor Company. Mr Cubbin has over 20 years’ experience as a Director and Audit Committee member of public companies in Australia and the US. He is a Non-Executive Director of Teys Australia Pty Ltd.

Other listed companies – past three years
Chairman, McPherson’s Limited (September 2010–present)
Non-Executive Director, WPP AUNZ Limited (May 2008–present)
Non-Executive Director, White Energy Company Limited (February 2010–present)
Non-Executive Director, Challenger Limited (January 2004–October 2018)