The departure of DKN Financial Group’s executive team has not deterred IOOF from moving forward with its plans to prepare for growth through its vertical integration model.
“While there have been some management changes post acquisition, we have been able to promote existing DKN and Lonsdale employees – a pleasing sign of the strength and depth of that business,” IOOF managing director Christopher Kelaher said in his annual general meeting address on Wednesday.
IOOF’s bid to acquire DKN was approved late September.
Earlier this month, BTFG announced it had hired former DKN chief executive Phil Butterworth and senior executives Mario Modica, Kon Costas and Andrew Rutter to lead a new advice business.
IOOF has since named a number of replacements for those roles.
Kelaher said the financial advice and distribution division is “pivotal to the success of the vertically integrated model that we operate”.
“With the additional of DKN, the number of financial planners IOOF has providing advice to Australians about their financial future will increase substantially,” he said.
“Despite volatile and uncertain markets, the underlying business continues to perform strongly. Our flagship platforms are taking market share, we have a growing adviser footprint and we continue to realise the productivity and efficiency benefits of our simplified operating model.”
Kelaher said the integration of DKN is progressing.
