The former chief executive of Hastings Funds Management was named the new chair of Blue Sky Alternative Investments at an AGM that also saw the announcement of a new stakeholder in the business to accelerate its rebuild.
Andrew Day will succeed John Kain as chair of Blue Sky, with Kain to step down at the end of this week. However, Kain has been re-elected as a director on the board.
Day will commence as executive chair on November 26, becoming non-executive chair upon the appointment of a new chief executive. He most recently served as chief executive and executive director at Hastings Funds Management from 2011 to 2017.
"Andrew has deep experience of stewarding companies through disruption and transformation. He also has considerable skills in business strategy, financial oversight, risk management and compliance, which we look forward to utilising," Kain said.
"His executive background in private markets funds management at Hastings will be invaluable as he leads Blue Sky into its next chapter."
Meanwhile, a shareholder vote has seen Oaktree Capital Management permitted to convert its loan to an interest in Blue Sky, becoming a new strategic stakeholder.
"Asset management is a confidence business. It is critical for managers to win and retain the confidence of their investors and investees ... We considered a range of inbound expressions of interest for investment in our company and its businesses ... As a board we are pleased to have partnered with Oaktree," Kain said.
In doing so, Byron Beath has been appointed to the Blue Sky board as Oaktree's representative, non-executive director.
Oaktree is one of the world's leading private market asset managers with clients including 73 of the largest US pension plans, 38 primary US state retirement plans and more than 15 sovereign wealth funds.
Blue Sky's share price has now fallen about 90% since March, with Kain acknowledging the firm's reputation has suffered dearly.
"We have taken steps to rectify this and are confident that today marks the turning point, from which out reputation can begin to recover and we can focus on the future, rather than the past," he said.