Blue Sky NPAT jumps 130pc in first half
Blue Sky Alternative Investments saw a 130 per cent jump in underlying net profit after tax (NPAT) to $10.1 million, driven by increased investments from institutional investors from Australia and overseas, during the half year ending in December, 2016.
The company also said it benefited from long-term trends indicating investors were increasing their allocation to alternatives.
According to Blue Sky, investments from institutional investors increased from 25 per cent to 37 per cent of its free-earning assets under management (AUM) during that period and the AUM was expected to be between $3.1 billion and $3.3 billion by June, 2017.
The company also confirmed it was on track to meet its longer term target of $5 billion by June, 2019.
Blue Sky's managing director, Robert Shand, said that the company's performance during this period also benefitted from the "mainstreaming of alternatives".
"Long-term trends have seen investors increase their allocation to alternatives and we are benefiting from the same structural tailwinds as global alternative asset managers such as Blackstone and Partners Group," he said.
"Australia's fund management industry has $2.8 trillion under management, and with alternatives forecast to be our largest class in the next decade, the opportunity in front of us is enormous."
AUTHOR
Oksana Patron
Recommended for you
AUSIEX has announced it will acquire FIIG, a specialist fixed income provider with $4.5 billion in funds under advice.
Platinum Asset Management has announced it is in discussions with a global alternatives fund manager regarding a possible merger to create an $18 billion firm.
Frontier Advisors has bolstered its Japanese footprint through a partnership with the $350 billion asset management arm of Nippon Life Insurance Company.
JP Morgan Asset Management has appointed an ETF specialist from Vanguard as it seeks to expand its ETF range.
