Ex-Macquarie MD Stephen Darke on the move

afr.com:

Former Macquarie MD Stephen Darke is on the move. Street Talk understands he’s 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.

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 CEO, Darke’s first task will be to secure shareholder approval to settle an outstanding 2026 redemption payment GP Strategic Capital (formerly known as Dyal Capital), and acquire the remaining distributions from a portfolio of strategic investments.

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

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.