DKN Financial Group has confirmed it made several acquisitions over the holiday period following its merger with Lonsdale Financial Group.
The business was in talks about acquiring other firms on the east coast over the past two months, DKN chief executive Phil Butterworth told InvestorDaily.
"We have had new firms join the network over Christmas," Butterworth said.
He said market volatility had not affected the business and DKN's strong financial position had allowed it to make attractive purchases. The merger with Lonsdale had gone well, he said.
"We are very happy with the way we have integrated it and we have attracted new clients to the business," he said.
When asked about yesterday's share price fall of 17 per cent or 22 cents to $1.08 on the Australian Securities Exchange, he said general market volatility was affecting the sector.
"DKN is a small cap so in these types of markets you generally tend to find financials and small caps are not attracting support at the moment," he said.
The share price reached a high of $1.97 in August last year.
The firm completed its purchase of Lonsdale and Wrap Account last November for around $114 million.
