Blue Sky acquires hedge fund

Brisbane-based Blue Sky Alternative Investments has acquired another hedge fund manager, Investment Science Pty Ltd (ISPL).

The company announced to the Australian Securities Exchange (ASX) that it was acquiring ISPL via a transaction involving 100 per cent Blue Sky scrip including upfront and deferred consideration components.

The ASX announcement said ISPL had around $70 million in assets under management and that the acquisition was consistent with Blue Sky's strategy of maintaining a broad offering across a number of alternative asset classes, including hedge funds.

It said the ISPL team had a strong track record and would continue to manage the ISPL funds post acquisition.

The transaction is subject to shareholder approval.