There have been more high-level departures from DKN and Lonsdale following the completion of a scheme of arrangement between DKN Financial Group and IOOF Holdings.
Lonsdale chief executive Mario Modica, Lonsdale executive director Kon Costas, and DKN executive director of distribution Andrew Rutter will all be departing the company, according to DKN.
DKN business development managers Steve Black and Craig Joscelyne have been appointed IOOF regional managers and will report to Renato Mota, general manager distribution for IOOF Holdings.
Lonsdale’s general manager, associate services, Mark Stephen will be Lonsdale’s acting CEO following Modica’s departure.
"We reaffirm that our focus continues to be on servicing our financial advice network, and we would like to emphasise that Andrew, Mario and Kon’s departure will have no impact on the extensive range and high quality of services that the DKN Group has provided to date," DKN said in an email to fund managers.
"IOOF’s proven approach to managing multiple brands provides comfort that the Lonsdale Financial Group will continue to provide quality services and support, as it has done historically," the email stated.
