Count takes stake in DKN
Count Financial has taken a key stake in DKN Financial Group.
Count announced to the Australian Securities Exchange today that it had taken a 5 per cent stake in DKN.
Update: DKN has reacted to the Count stake in its business by pointing out that its largest shareholders, Zurich Financial Services (31 per cent) and IOOF Holdings (19 per cent) remain committed to the company and its business.
DKN chief executive Phil Butterworth said that given the strength of the DKN business model and its quality network of wealth management practices through Lonsdale, the DKN board was not surprised the group was attracting new shareholders such as Count.
The DKN statement described the Count shareholding as “a small equity position”.
Count executive chairman, Barry Lambert, described the stake as being “strategic and long-term”.
“We purchased the stock with a view to the consolidation we believe will occur in the industry,” he said.
Lambert said he believed significant similarities and synergies existed between the Count and DKN businesses, particularly with respect to Lonsdale.
AUTHOR
Mike Taylor
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
