Mr Shand joined the Blue Sky team in 2010, and was promoted to his current role as chief operating officer in 2013.
The firm's chair, John Kain, said Mr Shand’s experience in this role means he will be well suited to lead the company.
“Rob’s three years as COO give him an unparalleled understanding of what makes our business tick. His leadership, vision and clarity of decision-making qualify him to drive Blue Sky and build on the foundations of our first 10 years,” he said.
Mr Sowerby will continue to be involved in the business as an adviser and significant shareholder, but he added that the staff at Blue Sky had “unquestionably earned the right to take over the business”.
“My decision reflects the ongoing growth and performance we see in the business and team, the foundations of a strong balance sheet and investments, and the incredible structural tailwinds in the sector,” he said.
Mr Shand will take over from Mr Sowerby on 30 September 2016.
