Wilson makes counter bid to run Blue Sky access fund

Less than a week after Blue Sky Alternative Investments (ASX: BLA) reached a deal for Pinnacle Investment (ASX: PNI) to manage its alternative access fund from the start of 2019, a new contender has come on the scene.

In an announcement today, the group's $177 million Blue Sky Alternative Access Fund (ASX: BAF) informed shareholders it had received a proposal from Wilson Asset Management (ASX: WAM) to be appointed as its new manager.

"The non-executive directors of BAF have requested that WAM provide further detail regarding its proposal so that non-executive directors can consider that proposal and provide full details to shareholders in due course," the fund says.

Blue Sky is offloading its management of the fund as part of a strategy to focus mostly on institutional-based investments, and the deal with Pinnacle contemplates a name change for BAF to Alterum.

Under the deal reached with Pinnacle, Alterum would be led by BAF's current chairman Andrew Champion with a focus on private markets and multi-management. 

BAF has scheduled an extraordinary general meeting seeking shareholder approval for the Pinnacle transaction on 13 December, but with Wilson now making its tilt that vote may turn out to be more complicated than expected.

BAF shares were up 3.57 per cent at $0.87 at 11:17am AEDT.

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