Blue Sky MD quits

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Fund manager, Blue Sky Alternative Investments (ASX:BLA) has announced the resignation of Robert Shand as Managing Director.

Shand says he’s stepped down as Blue Sky rebuilds market confidence.

The company has been the subject of media scrutiny after US short-seller Glaucas announced it was shorting the company last month.

Executive directors Elaine Stead and Nicholas Dignam will also step down from the board.

Mr Kim Morrison will act as interim Managing Director while the company looks for a permanent replacement.

Shares in Blue Sky Alternative Investments (ASX:BLA) have fallen almost 70 per cent in the past month. Today they are trading down 2.9 per cent to $3.36.