Blue Sky CIO made redundant

Brisbane-based fund manager, Blue Sky Alternative Investments, has announced the departure of its chief investment officer and board member, Alex McNab, effective immediately.

In a statement to the ASX, Blue Sky said that McNab's role had been made redundant following 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.

Prior to joining Blue Sky in March 2010, McMab spent eight years at Bain & Company, a global strategy consulting firm.

Blue Sky has also announced that its long-serving chair, John Kain, will step down at the end of the firm's AGM. Executive director, Tim Wilson, will also leave his board role in the coming months as new board appointments are made. 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."