BLUE SKY SHINES WITH $4.4M PROFIT

BLUE SKY SHINES WITH $4.4M PROFIT

BLUE Sky Alternative Investments (ASX:BLA) has capitalised on a shift of alternative assets into the mainstream with a 69 per cent lift in half-year profits.

The Brisbane-based asset manager recorded a net profit of $4.4 million in the six months to the end of December, buoyed by a 44 per cent increase in revenue to $23.8 million compared to a year earlier.

Blue Sky has boosted its fee-earning assets under management (AUM) guidance for the full year, after its portfolio grew to $1.7 billion - up from $1.35 billion at June 2015.

The AUM target of $2 billion has been fast-tracked 18 months ahead of schedule, benefitting from increasing allocations to alternatives in Australia and offshore.

Blue Sky managing director Mark Sowerby (pictured) says the growth reflects almost 10 years in the alternatives market, as it becomes more mainstream.

"Industry forecasts suggest alternative assets will be the largest investment class in Australia by 2021," Sowerby says.

"Our strong and consistent decade-long track record of growth and investment performance across all our funds places us in a very competitive position.

"Blue Sky's funds give investors access to investment opportunities in private markets. This is where the new ideas and growth companies of the future will be found.

"Our focus in recent years on the essentials - food, water, education, housing, student accommodation, agriculture and infrastructure - has been the key to this performance."

Blue Sky has also updated the performance of the investment funds it manages to the end of December 2015 from 15.4 per cent to 16.9 per cent per annum.

Profit for the full year is expected to be between $14 million and $16 million.

 

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

New report reveals 68 per cent of businesses are vulnerable to a cybersecurity attack

Partner Content
36 per cent of employees fear their organisation is at risk of financial losse...
SAI Global
Advertisement

Related Stories

Singapore to open doors to vaccinated Aussies next month

Singapore to open doors to vaccinated Aussies next month

Vaccinated travellers from Australia will be able to enter Singapor...

If all 2030 climate targets are met, the planet will heat by 2.7 degrees this century. That’s not OK

If all 2030 climate targets are met, the planet will heat by 2.7 degrees this century. That’s not OK

If nations make good on their latest promises to reduce emissions b...

Corporate Australia taps into social conscience with a sharp rise in ESG reporting

Corporate Australia taps into social conscience with a sharp rise in ESG reporting

Corporate Australia is gaining a social and environmental conscienc...

TGA provisionally approves Pfizer booster shots for Australian adults

TGA provisionally approves Pfizer booster shots for Australian adults

The Therapeutic Goods Administration (TGA) has today provisionally ...