Blue Sky Alternative Investments has announced a 57 per cent growth in net profit after tax for the 2015-16 financial year, up from $10.4 million in the 2014-15 financial year to $16.3 million.
The company’s fee-earning assets under management grew to $2.1 billion from $1.35 billion in the previous financial year, which Blue Sky managing director Mark Sowerby described as “an important milestone” for the business.
“The Australian funds management industry has $2.6 trillion in funds under management today and this is anticipated to grow to $4.1 trillion over the next five years," he said.
“By 2021, alternative assets are expected to be the largest investment class in Australia."
Blue Sky also revealed that Mr Sowerby would be stepping down from his managing director role after 10 years with the company, which he founded in 2006.
Chief operating officer Robert Shand, who commenced with Blue Sky in 2010, will take over from Mr Sowerby on 30 September 2016.
Mr Shand was promoted to the COO role in 2013 and Blue Sky chair John Kain said his time in this role had given Mr Shand an “unparalleled understanding” of the business.
“His leadership, vision and clarity of decision-making qualify him to drive Blue Sky and build on the foundations of our first 10 years,” Mr Kain said.
Blue Sky’s revenue grew by 44 per cent in the 2015-16 financial year, up from $43.6 million to $63 million.