Blue Sky Chair to depart

Brisbane-based fund manager, Blue Sky Alternative Investments, has announced the departure of its chair, John Kain, effective at the conclusion of the firm's AGM.

In a statement to the ASX, Blue Sky said that Kain's departure follows changes to the management model to "rebuild trust with stakeholders." This follows controversy surrounding a recent report published by US-based hedge fund, Glaucus Research, which saw the departure of former managing director, Rob Shand, last month.

Kain, who is the managing director at Kain Lawyers, was appointed as chair of Blue Sky in July 2011.

Blue Sky has also announced that its chief investment officer, Alex McNab, has been made redundant, effective immediately, and that executive director, Tim Wilson, will leave his board role in the coming months as new board members are appointed. Wilson will retain his executive role as managing director of Blue Sky's private equity business.

As part of the management changes, Blue Sky is also looking to appoint a chief risk officer.

Commenting, interim managing director, Kim Morison, said: "These initiatives are expected to deliver a better performing, more transparent and accountable business with recurring annual management fees exceeding fixed operating expenses from FY19."

Editors note, 21 November 2018: The departure month below has been updated following the announcement that Andrew Day will succeed John Kain as chair, effective 26 November 2018.