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No plan to sell private equity division, says Blue Sky Alternative Investments

Australia-based Blue Sky Alternative Investments Ltd said June 6 that it has no intention to sell its private equity division.

The company's statement came after The Australian reported that professional service firm KPMG was finalizing an independent review and may recommend divesting Blue Sky's private equity division.

The Australia-based wealth manager said KPMG is conducting an independent valuation review of all assets under management as part of a comprehensive valuation review process announced in April. The firm is not advising on its business model or management structure.

Separately, the company said it is set to wind up its domestic hedge fund business targeting retail investors in Australia.

The company said June 5 that it has asked One Managed Investment Funds Ltd., the responsible entity for the hedge fund, to wind up Blue Sky Alliance Fund and return proceeds to investors. The company's hedge fund business will now focus on managing institutional capital through its dynamic macro strategy.