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
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
