Blue Sky founder and MD steps down
The founder of alternative investment fund manager, Blue Sky Alternative Investments, is handing over the managing directing reins to the company's current chief operating offer, Robert Shand.
Blue Sky Alternative Investments was founded by Mark Sowerby 10 years after ago, and he would hand over to Shand on 30 September.
The ASX listed company said Shand had been with Blue Sky since 2010 and was promoted to chief operation officer in 2013. He was well known to investors and the company's associated network. The 2016 promotion was also backed by Blue Sky's team.
Sowerby would remain a significant shareholder and an active adviser to the company.
He announced that he wanted to step down to spend more time with his family and increase his involvement in projects that had positive social impacts.
Blue Sky had over $2 billion in assets under management and had been listed on the ASX since 2012. It also generated an internal rate of return of 16.7 per cent per annum, net of fees across its funds, the company said.
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