BHS

What BHS does

BH Securities a.s. (BHS) is a Czech-licensed securities dealer (obchodník s cennými papíry) founded in 1993 and headquartered in Prague, with a branch office in Ostrava established in 2002. Operating under Czech National Bank supervision since its founding, BHS is a founding member and shareholder of the Prague Stock Exchange (since 1994) and holds market maker status in the SPAD segment. The company serves more than 5,000 clients spanning individual investors, qualified/high-net-worth investors (minimum 1 million CZK), institutional clients, municipalities, and corporate bond issuers, holding approximately 16 billion CZK in assets under management across products. Since 1998 the firm has been a wholly-owned subsidiary of PROXY – FINANCE a.s. The CEO/Chairman Zdeněk Lepka has been with the firm since founding, and the company maintains minority regional entities in Slovakia (BHS Slovakia, o.c.p., a.s. and BHS Slovakia s.r.o.).

Name

BHS

Legal name

BH Securities a.s.

Website

https://bhs.cz

Company type

Private

Founded year

1993

Operating status

Operating

Headcount range

11–50 employees

Short description

BHS (BH Securities a.s.) is a Prague-based licensed Czech securities dealer founded in 1993, serving 5,000+ individual, qualified, and institutional investors across Czech, European, and US markets via its BHS Eagle online platform, three asset management strategies, and five qualified investor funds spanning real estate, bonds, energy, and collectibles, with ~16 billion CZK AUM.

Ownership category

akta.pro rank

Headquarters

HQ city

Prague

HQ country

Czechia

HQ region

Europe

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Compliance, Technology or R&D, Marketing or Sales

Revenue model

1. Securities Trading Commissions: BH Securities earns commissions on trades executed through its platform, covering stocks, bonds, ETFs, certificates, and other securities listed on Czech, European, and US markets. The company also acts as a market maker on the Prague Stock Exchange.
2. Asset Management Fees: Asset management service generates revenue through management fees (percentage of assets under management) and performance fees. The CZK Dynamic Portfolio has shown 9.58% p.a. average annual return since 2004, with AUM starting from 500,000 CZK per client.
3. Qualified Investor Fund Management: Five qualified investor funds (Real Estate, Dynamic, Bond, Iconic Cars, Energy & Battery) generate management fees and performance fees. Each fund has specific fee structures including entry/exit fees, annual management fees (0.5-2% p.a.), and performance-based incentives (15-20% of returns above thresholds).
4. Investment Gold Sales: Sales of physical gold bars (1g to 1kg from Swiss refinery PAMP) and collectible gold coins, including SMART coins and limited-edition series. Revenue from one-time purchases and regular savings plans for gold accumulation.
5. Corporate Bond Issuance: BH Securities structures and distributes corporate bond offerings, such as BHS REF Finance bond series, earning arrangement and distribution fees. Multiple bond series have been issued and approved by the Czech National Bank.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels8 records

Core offering

BH Securities is a Czech National Bank–licensed securities dealer providing securities trading (stocks, bonds, ETFs, certificates) across Czech, European, and US markets, discretionary asset management, five qualified investor funds (Real Estate, Dynamic, Bond, Iconic Cars, Energy & Battery), and physical investment gold products. Services are delivered through the proprietary BHS Eagle online platform, daily telephone brokerage, and direct advisory relationships under regulatory oversight of the Czech National Bank.

Product overview

BHS is a licensed securities trader providing investment services through its BHS Eagle online platform and professional asset management. The offering spans self-directed trading (stocks, bonds, ETFs, certificates) and managed services via three asset management strategies (CZK Dynamické portfolio, CZK Úrokové portfolio, Globální dynamické portfolio). For qualified investors, BHS offers five specialized funds: BHS Real Estate Fund (commercial real estate, 8%+ target), BHS Dynamic Fund (tactical allocation, 7% target), BHS Dluhopisový (corporate bonds, 5-7% target), Iconic Cars Fund (collectible automobiles, 6% target), and BHS Energy & Battery Fund (energy sector, 10-12% target). Gold investment products include PAMP gold bars and SMART collector coins. Services are coordinated through the Prague headquarters with regulatory oversight by the Czech National Bank.

Differentiator

Problem solved

Functional benefit

Brands

• BHS Eagle: Online investment trading platform for clients to manage their portfolios and invest
• BHS Real Estate Fund SICAV, a.s.
• BHS DYNAMIC FUND SICAV, a.s.
• BHS dluhopisový podfond
• Iconic Cars Fund
• BHS Energy & Battery Fund SICAV, a.s.

Products and services

• BHS Eagle Online Trading Platform Proprietary online trading platform providing continuous portfolio monitoring and active trading in stocks, bonds, ETFs, certificates, and other securities across Czech, European, and US markets.
• CZK Dynamické Portfolio (Asset Management) Long-term active asset management strategy focused on Czech and foreign dividend stocks and bonds denominated in CZK, with an average annual return of 9.58% since 2004 (472.22% cumulative) and a recommended investment horizon of 3–5 years; minimum investment 500,000 CZK.
• CZK Úrokové Portfolio (Asset Management)
• Globální Dynamické Portfolio (Asset Management)
• BHS Real Estate Fund SICAV Qualified investor fund investing in commercial real estate (office buildings, logistics parks) generating returns through long-term rental income, with a target return of 8%+ p.a., 1.5% management fee, and 20% performance fee; minimum investment EUR 125,000 equivalent.
• BHS Dynamic Fund SICAV Qualified investor mixed fund using tactical asset allocation between equities and bonds with dynamic adjustment based on market conditions, targeting 7% p.a. return and charging a 20% performance fee; minimum investment EUR 125,000 equivalent.
• BHS Bond Fund (Dluhopisový podfond) Qualified investor fund investing primarily in corporate bonds of large Czech and foreign companies (including Allwyn, EPH, Dr. Max, Gevorkyan), targeting 5–7% p.a. return with a 1.2% management fee and 5+ year horizon; minimum investment 1,000,000 CZK or EUR 125,000.
• Iconic Cars Fund Qualified investor fund acquiring unique, rare automobiles and motorcycles for appreciation, with a 6% target return, 0.5% management fee, and 20% performance fee above 10%; minimum investment EUR 125,000 equivalent. Includes exclusive investor experiences (racing, exhibitions, driving tours).
• BHS Energy & Battery Fund SICAV Qualified investor fund focused on battery storage systems, renewable energy projects, virtual power plants, hydrogen projects, and equity stakes in energy companies, targeting 10–12% gross annual return with a 1.5–2% management fee and 15% performance fee above 7.5% p.a.; multiple share classes from 1M CZK to 1M EUR.
• Stocks / Equities Brokerage
• Investment Gold (PAMP Bars)
• Gold Savings Plan
• SMART Collector Coins Limited edition (250 pieces worldwide) 999.9 purity collector gold coins designed by Czech medallist Michal Vitanovský and minted by PAMP, including themed editions (Giordano Bruno, Albert Einstein, Charles Darwin) and the Golden Solar System plaquette series; VAT-exempt.

Quantifiable outcome

• 9.58% p.a. average annual return for CZK Dynamic Portfolio (2004-2025)
• +4 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eleven partnerships are on record, tiered core and supporting.

• Versute investiční společnost, a.s.coreImplementation/ SI/ Consulting PartnerVersute serves as fund administrator and manager for multiple BH Securities qualified investor funds including BHS Real Estate Fund SICAV, BHS Dynamic Fund SICAV, and Energy & Battery Fund. BH Securities acts as expert advisor to these funds and co-invests its own capital alongside clients.
• Enaco, s.r.o.coreStrategic or Co-development PartnerEnaco is co-founder of BHS Energy & Battery Fund SICAV with 20+ years of experience in the energy market. Provides technical-economic expertise and advisory for energy projects including feasibility analyses and project financing.
• PAMP (Produits Artistiques Métaux Précieux)coreTechnology or IntegrationSwiss refinery PAMP supplies investment gold bars to BH Securities in weights from 1g to 1kg. PAMP's Veriscan anti-counterfeit technology is used to verify authenticity of gold bars via mobile phone. Gold products are 999.9 purity.
• PanattonicoreStrategic or Co-development PartnerPanattoni is the largest industrial building developer in Europe. BH Securities' BHS Real Estate Fund co-invests with Panattoni in logistics park projects including Panattoni Park Bratislava North. Panattoni develops and builds properties while BH Securities provides capital and investment management.
• Československá obchodní banka (ČSOB)coreOthersČSOB acts as depositary bank for multiple BH Securities qualified investor funds including BHS Real Estate Fund, Dynamic Fund, Bond Fund, and Energy & Battery Fund. Ensures custody and safekeeping of fund assets.
• Czech National Bank (ČNB)coreOthersBH Securities operates under regulatory supervision of the Czech National Bank as a licensed securities trader. The CNB approves bond prospectuses and oversees compliance with investment regulations including MiFID II.
• Prague Stock Exchange (Burza cenných papírů Praha, a.s.)coreOthersBH Securities is a founding member and shareholder of the Prague Stock Exchange since 1994, with market maker status in the SPAD segment. The Exchange provides trading infrastructure for securities brokerage operations.
• Czech Association of Securities Dealers (ČAOCP)supportingOthersBH Securities is a founding member of the Czech Association of Securities Dealers (ČAOCP), contributing to industry standards and regulation development in Czech capital markets.
• Association for Capital Market of the Czech Republic (AKAT)supportingOthersBH Securities is a member of the Association for Capital Market of the Czech Republic (AKAT), participating in industry advocacy and market development initiatives.
• Michal VitanovskýsupportingStrategic or Co-development PartnerRenowned Czech medallist and sculptor, author of BH Securities' SMART coin designs and special edition gold collections (Lunar Series, Golden Solar System). Created designs for commemorative coins including those honoring Charles Darwin, Giordano Bruno, Albert Einstein, and Bedřich Smetana.
• Kreston Audit FIN, s.r.o.supportingOthersIndependent auditor for BH Securities funds including BHS Real Estate Fund and Energy & Battery Fund, providing annual financial statement audits and regulatory compliance verification.

Scale indicators9 records

Recent moves16 records

Expansion highlights4 records

Broad incumbents

• Interactive Brokers: Global low-cost electronic broker with multi-asset trading on Czech, European, and US markets. Comparable to BHS's BHS Eagle multi-market offering but competes on price and platform breadth.
• Komerční banka: Major Czech universal bank (Société Générale subsidiary) offering retail brokerage, investment funds, and wealth management as part of a broader banking franchise. Comparable to BHS in client base overlap but with materially larger scale and product breadth.

Direct peers

• Patria Finance: One of the leading Czech securities broker-dealers and investment bank, offering trading, asset management, and corporate finance. Directly comparable to BHS as a domestic full-service securities house serving retail, qualified, and institutional Czech clients.
• Atlantik finanční trhy: Czech securities broker operating on the Prague Stock Exchange with retail trading and asset management offerings. Directly comparable to BHS in domestic brokerage services and SPAD market-making activity.
• Fio banka: Czech bank and securities broker with strong retail trading platform (e-Broker) and investment fund offerings. Comparable to BHS in serving Czech retail investors via online trading plus advisory, with overlapping product set in stocks, bonds, and funds.
• J&T Banka: Czech private bank with integrated securities trading, asset management, and alternative investment funds. Overlaps BHS in qualified investor fund offerings, brokerage, and wealth management for Czech and Central European HNW clients.
• CYRRUS: Czech licensed securities dealer and asset manager offering brokerage, portfolio management, and corporate finance. Comparable to BHS in scale and product mix, focused on the Czech retail and institutional market.
• Conseq Investment Management: Czech asset manager and fund administrator offering managed portfolios, mutual funds, and pension products. Comparable to BHS in providing professional asset management and fund vehicles for Czech retail and institutional clients.
• Wood & Company: Prague-based investment bank providing securities trading, research, and asset management across Central European markets. Comparable to BHS as a regional broker-dealer with market-making and institutional brokerage capabilities.

Emerging players

• Roklen 360: Czech fintech offering modern online trading and FX/crypto services. Adjacent to BHS's BHS Eagle platform, targeting a younger Czech retail audience with digital-first brokerage.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCKn1WKJjRNmGKUOdbymvPeA
• Facebookfacebook.com/bhs.cz
• LinkedInlinkedin.com/company/3300103
• Instagraminstagram.com/bhs_cz
• Xx.com/bhsecurities

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BHS