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Benedicte Gravrand, Opalesque Geneva:

Mark Sowerby, the founder and managing director of Blue Sky Alternative Investments, will retire at the end of September after ten years in the company, to spend more time with his family. He will be replaced by Blue Sky’s chief operating officer Rob Shand.

This announcement was made shortly after the company reported a net profit of $63m (up 57% from FY15) for the year ending 30 June 2016, and a 44% increase in revenue to $63m. Fee earning assets under management grew to $2.1bn, up from $1.35bn on 30 June 2015.

"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. By 2021, alternative assets are expected to be the largest investment class in Australia," Sowerby said then.

Incoming managing director Rob Shand joined Blue Sky from Bain & Co in 2010 and has served as COO of Blue Sky since 2013.

Sowerby, 44, will continue to work as an advisor from Blue Sky’s offices and be on hand to provide support to the team where it is needed.

According to the announcement, Blue Sky in an intergenerational business and this generational change has bee......................

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