Ex-Macquarie MD Stephen Darke on the move

afr.com:

Stephen Darke is on the move. Street Talk can reveal the former Macquarie Group managing director set to helm ASX-listed asset manager Navigator Global, taking over from long-time chief executive Sean McGould.

Darke left Macquarie in 2022 after more than 23 years at the diversified financial group, and set up advisory firm Arch Advisers. Bloomberg

Darke left Macquarie Asset Management in 2022 after more than two decades and set up advisory firm Arch Advisers. At Macquarie, he co-managed the firm’s US-based private equity fund – Sass-Macquarie Financial Strategies – which helped establish 11 alternative asset management firms.

He will have big shoes to fill at Navigator after the 15-year reign of McGould, who will take charge of the company’s hedge fund subsidiary Lighthouse.

As chief executive, Darke’s first task will be to get shareholders behind the firm’s push to get an early redemption payment from GP Strategic Capital (formerly known as Dyal Capital). It’s also looking to acquire the remaining distributions from a portfolio of strategic investments.

GP is a subsidiary of Nasdaq-listed investment manager Blue Owl.

Under the terms, GP is set to receive $200 million in exchange for early settlement, funded through a $120 million placement to GP at $1.40 and an $80 million entitlement offer to Navigator shareholders and noteholders. If the deal goes through, Navigator’s market capitalisation will more than double.

Navigator shares last traded at $1.33, down 2.2 per cent. While revenue increased 43 per cent to $US183.4 million ($289.03 million) in the 2023 financial year, bottom-line profits fell 9 per cent to $US35.5 million.

Navigator’s major shareholders include perennial Value Management and Eley Griffiths.