Blue Sky buys hedge fund manager

Company News

Brisbane-based investment fund manager Blue Sky Alternative Investments Limited (ASX:BLA) has inked a deal to buy a hedge fund manager. 
Blue Sky says it will buy Investment Science through a transaction comprising of 100 per cent Blue Sky scrip and upfront and deferred consideration components.
The company advises Adelaide-based Investment Science is a multi-award winning fund manager with about $70 million in assets under management. 
Blue Sky says the acquisition is in line with its strategy of maintaining a broad offering across a number of alternative asset classes, including hedge funds.
While the transaction is subject to shareholder approval Blue Sky expects it to be completed shortly after its extraordinary general meeting at the end of April 2014. 
Blue Sky Alternative Investments reported a net loss of $2.89 million in the first half of the 2014 financial year.