DKN continues expansion
|
|
DKN Financial Group has made a minority investment in regional financial companies BMG Partners and BMG Financial Planning.
BMG is a long-standing Lonsdale Financial Group associate and represents DKN’s first regional equity investment as well as its first investment in a Lonsdale practice since the merger between DKN and Lonsdale financial group in 2007, according to DKN’s chief executive, Phil Butterworth.
“We look forward to increasing the number of Lonsdale practices we have equity in and will continue to back these practices, enabling them to build greater scale by acquiring further accounting and/or financial planning practices that will fit with their business,” Butterworth said.
“DKN and its shareholders benefit through ongoing profit contribution from the minority investments as well as support for DKN’s products and services and the Lonsdale dealer group offering,” he said.
“The [global financial crisis] was a tough period but we remained committed to our business model, and we’ve come out in great shape with a growing client base. 2010 will be a fantastic growth year for the group; there are a number of new firms coming on board under the Lonsdale development model,” he said.
Stephen Mamouney, chief executive of BMG, said: “When developing our succession plans, it was important to all our stakeholders that we retain the culture we have developed within our business as well as the control over our business operations.”
The merger between DKN and Lonsdale would help deliver these succession requirements, he said.
DKN’s purchase represents a 32 per cent interest in BMG Partners and BMG Financial Planning.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
