Blue Sky founder and MD to step down

Blue Sky Alternative Investments (Blue Sky) has announced that founder and managing director Mark Sowerby will retire from the firm, effective 30 September 2016, and hand the reins to current chief operating officer Rob Shand.

In a statement, the firm said that Sowerby, who will remain an active advisor to the business and a significant shareholder, is "stepping down to spend time with his family and increase his involvement in other projects with a positive social impact."

In a letter to shareholders, Blue Sky chair John Kain said: "This generational change has been three years in planning. Through that time, both Mark and I have worked closely with Rob Shand to help him develop the skills to enable him to one day lead the business. That day is now upon us."

Commenting on the Blue Sky team and his decision to retire, Mark Sowerby said: "A famous investor once said to me "remember Mark, as the founder you are the most dangerous person in the room". Almost every organisation reaches a point where the collective talent of the group is far greater than the limited abilities of the person who started it. Blue Sky has been at that point for some time, and the financial results this year are a reflection of their teamwork and endeavour. I am proud to have assembled and worked with such an impressive group of people."

He added: "I used the word "retire" with intent. Blue Sky is my last real job. I love what this business does, the people in it, and the positive impact we have across everything we do."