Blue Sky Alternative Investments has agreed to buy Adelaide-based hedge fund Investment Science Asset Management, according to The Australian. The financial terms of the acquisition deal were not discussed in the said report.

Mark Sowerby, the managing director of Blue Sky, told Data Room the reason for choosing the hedge fund: "There are pockets of talent everywhere. We've known these guys for awhile."

Under the terms of the transaction, Blue Sky will acquire all of the shares of Investment Science. Its central workforce, however, will remain the same. The deal is subject to approval by the Blue Sky shareholders next month, the report detailed.

Acquiring Investment Science is part of Blue Sky's strategy of keeping its alternative management product offering wide. The Brisbane-based firm sees this acquisition as a great opportunity to add experienced personnel and a successful hedge fund to its portfolio. Blue Sky currently manages $400 million in funds, according to Professional Planner.