Blue Sky Investments continues to rebuild its executive team, appointing Elizabeth Walker as its new chief financial officer beginning January 14. The firm is still searching to fill the roles of chief executive and the newly created role of chief risk officer.
Prior CFO Michael Whyte resigned in October 2018 only one day before Blue Sky announced a split with its $177 million Blue Sky Alternative Access Fund (BAF). Concurrently, Pinnacle Investment announced the launch of Alterum Investment Management, a new affiliate tasked with taking on and managing the assets of the BAF. Since Whyte’s departure, Naomi Rule has been acting CFO for Blue Sky.
The separation follows a horrible year for Blue Sky, which has seen its share price fall by 90 percent after Glaucus, a U.S.-based short seller, accused the manager of exaggerating the value of its assets under management at $4 billion, and over-charging its investors.
“There are a large number of factual inaccuracies throughout, including the assertions raised in relation to how Blue Sky calculates and reports its fee-earning assets under management, its investment performance and its fees,” Blue Sky said in a statement at the time.
Eventually Blue Sky conceded, adjusting the value of its fee-earning assets under management from $4.25-$4.75 billion to $4-$4.25 billion, and its net profit after tax guidance from $34-$36 million to $20-$25 million. This retrenching also resulted in managing director Robert Shand, Chairman John Kain, and CFO Michael Whyte leaving the company.
With an MBA from the University of Queensland, Walker brings extensive experience in agriculture and fund management to Blue Sky, having served in the capacity of CFO for both RPG Developments and Consolidated Pastoral Company.
“Walker has an extensive finance career and diverse background across listed, private equity backed and privately owned companies…,” remarked Blue Sky in a December 24 company filing. “Her industry experience encompasses property development and investment (residential, commercial, retail, industrial and retirement), construction, agriculture, investment banking and the funds management sector.”
The firm also named three newly appointed non-executive directors to its board, however continues its search for a new CEO and CRO.
“The process to appoint a permanent CEO and a new CRO is well-underway and announcements will be made in due course,” a spokeswoman for Blue Sky told Financial Standard.
-Lynda Kiernan