BLUE Sky boss Robert Shand says his firm is best positioned to benefit from a move in Australia towards alternative investments.
“Frankly what I’m most excited about is that Australia has a very large funds under management industry — alternative assets are forecast to be the largest part of that industry within the next decade and Blue Sky is the only listed diversified asset manager,” Mr Shand said after his Brisbane-based company posted its full-year results yesterday. “We’re exceptionally well-placed to capitalise on that growth.”
Among the result highlights was 35 per cent revenue growth to $85 million and a 56 per cent increase in net profit after tax to $25.5 million.
Blue Sky experienced substantial growth in its fee-earning assets under management, up from $2.1 billion to $3.25 billion in 12 months.
Mr Shand said the company was well on track to meet or exceed its previously stated target of $5 billion in fee-earning AUM by the end of the 2019 financial year.
“Our ability to source proprietary investment opportunities in private markets and our team’s investment track record has driven increased investment from institutions, sophisticated and retail investors in Australia and overseas,” Mr Shand said.
Shareholders will receive a fully franked dividend of 23c a share, up from 16c. The results sent the company’s share price as high as $10.19 before it settled to close 3.6 per cent higher at $9.89.
Blue Sky was last month announced as manager of the South Australian Government’s $50 million venture capital fund. Start-up expert Atlanta Daniel has since joined the firm and relocated to Adelaide as an investment director.
Blue Sky is chaired by Adelaide lawyer John Kain.