BLUE Sky Alternative Investments (ASX:BLA) has capitalised on the nation's growing trend towards the alternative investments, reporting strong results.
The fund manager lifted its half-year net profit to $2.6 million, up from $0.3 million in the previous period.
The company also more than doubled underlying revenue from $7.2 million in HY14 to $16.5 million in HY15.
Managing director Mark Sowerby (pictured) says strong investment performance across the company's funds contributed to the solid results.
"Investor allocations to the traditional alternative asset classes of private equity and venture capital, hedge funds, infrastructure, private real estate and real assets are increasing," Sowerby says.
"Alternative assets are becoming mainstream and we are uniquely positioned in the Australian investment community to participate in this trend."
Sowerby also attributes the growth to balance sheet exposure to its managed funds and burgeoning investor demand for alternative assets.
According to the Rainmaker Roundup, the Australian funds under management market was valued at $1.8 trillion in June 2014 one fifth bigger than the nation's economy.
The market is expected to increase five-fold to $9 trillion by 2034.
Blue Sky has predicted underlying net profit after tax for the full financial year ending June 2015 to be between $8 million and $10 million, compared to $6.2 million in FY14.
BLA is on track to achieve its target of $1 billion in assets under management by June 30.
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