Bosses at Tavistock Investments have taken a voluntary pay cut in light of the coronavirus pandemic.
In a trading update to the market today (April 8) the listed adviser warned the outbreak had caused commercial conditions to become "extremely challenging" and confirmed all members of the executive team have volunteered to waive a "significant proportion" of their income with immediate effect.
Tavistock will also not pay a dividend to its shareholders and the adviser said it was currently undergoing a cost-cutting review at the business.
Brian Raven, the chief executive at Tavistock, said: "The key measure of leadership is how well it performs under difficult circumstances.
"Tavistock is led by a strong, experienced and unified team who have clearly demonstrated their commitment to the business and its staff.
"Market turbulence is far from over and a potentially very deep recession lies ahead."
Tavistock warned it was "inevitable" the adverse economic and market performance caused by the coronavirus, combined with the commercial consequences of social distancing and lockdown, would have a detrimental effect on its performance in the new financial year.
The company said: "The impact of the pandemic will be felt for some considerable time, potentially through several iterations, and at the moment it is impossible to accurately assess the consequences."
In today's update Tavistock confirmed its trading result for the year ended March 2020 was set to be in line with the market's expectation for continued growth in reported Ebitda, pointing to the performance of its protected Ucits funds as a particular "highlight".
rachel.mortimer@ft.com
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