DKN expects profit drop next year
DKN Financial Group expects its net profit after tax (NPAT) to drop by 15 per cent next year, according to guidance updates released at DKN’s annual general meeting (AGM).
DKN’s net platform inflows for September dropped to $202 million, from $400 million in the previous quarter, which was partly due to $45 million worth of cash management trust withdrawals during the September quarter. The market had a 7 per cent impact on DKN’s funds under management for the September quarter.
The chairman of DKN, Rob Humwick, said at the AGM that despite the drop in profits for next year from market falls, its outflows remain small, creating a net inflow of business.
DKN’s acquisition of Lonsdale Financial Group and Zurich’s Wrap gave the company added strength that allowed it withstand a “severe buffeting” from the market, Humwick said.
Ten new firms have joined the Lonsdale/DKN network in the last quarter.
Recommended for you
In this episode of Relative Return, host Maja Garaca Djurdjevic is joined by shadow treasurer Angus Taylor to discuss the current state of the financial advice sector, the economy, the housing affordability crisis and more.
In this episode of Relative Return, host Laura Dew speaks with Andrew Mitchell, director and senior portfolio manager at Ophir Asset Management, about why he loves working in fund management and the lessons he’s learnt in a decade of running a firm.
In this episode of Relative Return, host Laura Dew speaks with Blackwattle Investment Partners managing director and chief investment officer, Michael Skinner, about setting up an asset manager and what he looks for in an investment team.
In this special episode of Relative Return, Momentum Media’s Phil Tarrant and Jordan Coleman discuss the publishing house’s expansion into greater coverage of the wealth management space.