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.
Recommended for you
Selfwealth has provided an update on the status of its scheme implementation deed with Bell Financial Group as well as whether rival bidder Svava remains in the picture.
Magellan Financial Group has reported its first half FY25 results while appointing a new chief financial officer and promoting Sophia Rahmani to chief executive.
Schroders Australia has launched two active ETFs and plans to further expand its listed range over the year ahead.
Platform Netwealth has reported its financial results for the first half of FY25, reporting an 80 per cent increase in net flows, with its CEO viewing a “huge opportunity” from private assets.
