Navigator announces revenue downgrade
Platform provider Navigator has announced a significant revenue downgrade as it seeks to deal with issue brought on by the COVID-19 pandemic.
Navigator Global Investments told the Australian Securities Exchange (ASX) that it was anticipating a reduction of approximately 20% in total revenue for financial year 2021 to US$82.5 million ($115.2 million).
It said this assumption took into account a lower starting point in terms of assets under management (AUM) of US$11.8 billion, expected net outflows over the coming year, a continued shift towards platform service and customised client AUM which generally had lower fees and uncertainty as to the level of performance fee revenue.
Navigator said it anticipated some continued redemptions across the Lighthouse’s multi-strategy complex as an ongoing consequence of March 2020 performance and overall market conditions, but with improving performance over the past six months it expected to see these redemptions trend downward.
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