BLUE SKY AHEAD FOR FUND MANAGER IPO

BLUE SKY AHEAD FOR FUND MANAGER IPO

BRISBANE-BASED Blue Sky Alternative Investments (ASX: BLA) today listed on the ASX after raising $6.47 million from its pre-Christmas initial public offering.

Founder and managing director Mark Sowerby (pictured) views the listing as a good platform for the alternative investment fund manager to attract overseas investor interest.

“Most of the money raised is regulatory capital. We have strong investor base of more than 800. There is a lot of offshore interest in our water asset and hedge funds businesses, so we plan to open an office in New York,” he says.

“The US market is starting to recover and its funds management investment industry is the largest in the world. We have appointed GT Capital Access partner Debra Goundrey as global head of client relationships to work from our new US office.

“She is an Australian with great networking abilities, existing contacts in both the US and EU – and five years’ experience in client relationship management. Her former work for the Investment Management Institute and now defunct Invest Australia also makes her a great addition to the team.”

Blue Sky has also earmarked plans to raise money in Asia.

“We will start to work on Asia this year. The listing helps (advance) our discussions with potential offshore investors as they can see our progress on the ASX,” says Sowerby.

Blue Sky has a market capitalisation of $32.5 million and manages $180 million of funds, but Sowerby believes the company could manage $1 billion with just a few more staff.

The business reported $3.5 million in revenue for the 2011 financial year and expects it to jump by 300 per cent to $10.5 million during FY12.

“Performance fees are a big contributor to that growth from our earlier investments. There has been substantial growth in private real estate and private equity,” says Sowerby.

“Having a strong balance sheet and being listed gives comfort to our investors and helps accelerate that growth. A lot of IPOs are about the exit but ours is all about the (market) entry.”

Blue Sky’s shares opened at $1.02 per unit.

Enjoyed this article?

Don't miss out on the knowledge and insights to be gained from our daily news and features.

Subscribe today to unlock unlimited access to in-depth business coverage, expert analysis, and exclusive content across all devices.

Support independent journalism and stay informed with stories that matter to you.

Subscribe now and get 50% off your first year!

Four time-saving tips for automating your investment portfolio
Partner Content
In today's fast-paced investment landscape, time is a valuable commodity. Fortunately, w...
Etoro
Advertisement

Related Stories

Golden handshakes to departing ASX100 CEOs hit 12-year high

Golden handshakes to departing ASX100 CEOs hit 12-year high

Around one in every six CEOs of ASX100 companies left their job&nbs...

Maggie Beer Holdings CEO Kinda Grange resigns just 16 months into the job

Maggie Beer Holdings CEO Kinda Grange resigns just 16 months into the job

The revolving door of leadership at Maggie Beer Holdings (ASX: MBH)...

Dreamworld owner reports improved ticket sales despite severe peak season storms

Dreamworld owner reports improved ticket sales despite severe peak season storms

The owner of Gold Coast theme parks Dreamworld and WhiteWater World...

Peter Farrelly's action comedy Balls Up starring Mark Wahlberg to be filmed in QLD

Peter Farrelly's action comedy Balls Up starring Mark Wahlberg to be filmed in QLD

The Australian film industry continues to attract Hollywood product...