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The fund manager’s assets under management (AUM) is now north of $550 million, with its four divisions of private equity, private real estate, hedge funds and real assets all experiencing growth.
Founder and managing director Mark Sowerby (pictured) says there is a lot of interest and increased allocations into alternatives.
“Rainmaker Group, a big data collector in the funds management space, just put out a report that alternatives have increased over the last 15 years in Australia from five per cent to 14 – and the forecast will be at 20 in six or seven years.
“I think those increased allocations are flowing through to the things we do and we’re making people money and that’s our job,” he says.
The achievement follows the company’s acquisition of all shares in Investment Science Pty Ltd of $70 million in AUM on April 30.
“I think it’s fair to say we were going to get there early anyway. Where Investment Science sits well is that it really gives us a great range of products in the hedge fund space that will help us do a better job of managing alternative asset portfolios going forward.
“They’re a talented team, they’ve got a great track record and I think they’re going to be an important part of our business in the long-term.”
As part of its aggressive growth strategy, Blue Sky has opened an office in Melbourne and announced several key appointments.
Laz Siapantas
New account manager Laz Siapantas will oversee corporate accounts, advisory groups and family offices for alternative assets in Victoria, as well as South Australia.
“It’s always great when you get someone on ground that is clearly highly regarded and is trusted, because you get engagement immediately,” says Sowerby.
“There’s no doubt that increasing our AUM is a result of the very strong networks, trust and reputation of Laz in Melbourne.”
Sowerby plans to launch a venture capital fund in the next few months, to attract further deal flow.
“Venture is perceived to be this binary outcome of you either make a fortune or lose your money. The reality is venture capital is about early stage businesses and early stage businesses occur in every sector of the economy.
“We think venture capital will be a very interesting place to play for investors and the tax free structure things we can do also make it more compelling,” he says.
Read more about Blue Sky's AUM target here.
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