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The Blue Sky Alternative Investments Ltd share price is near a new 52-week low

Shares in small cap alternative investment fund Blue Sky Alternative Investments Ltd (ASX: BLA) are up 1% to $3.15 at the time of writing despite the internal storm raging inside the $241 million market cap company.

The embattled fund manager has seen the departure of managing director Robert Shand and two other executive directors of late, after a share price plunge of more than 70% from January, despite a successful $100 million capital raising exercise.

But it will likely take some time for the company to regain investor trust as it was revealed last week Blue Sky’s investments founder Mark Sowerby offloaded 600,000 shares four months before the share price bottomed out – dodging what would have been a $5.5 million loss in value.

All eyes will be on announcements out of the company as details of an independent review of Blue Sky’s financial reporting and valuations disclosures come to light and, it’s fair to say it would be pretty risky to consider a buy-in of any sort until that unfolds.

Better-known asset managers have also seen share price plunges across the board of late, with shares in Perpetual Limited (ASX: PPT) presently sitting at $39.99, down 25% from $53.51 at this time last year, as AMP Limited (ASX: AMP), Challenger Financial Group Ltd (ASX: CGF) and BT Investment Management Ltd (ASX: BTT) all printed 52-week lows this month.

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Challenger Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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