Scaramucci Inks Deal To Sell Skybridge, Steps Down 'Effective Immediately'

Jan 17 2017 | 7:08pm ET

Anthony Scaramucci has agreed to sell a majority stake in the firm he founded, SkyBridge Capital, and step down immediately from his role as co-managing partner as the well-known alternative investment manager prepares to take up his new position as an advisor to incoming president Donald Trump. 

Skybridge has signed a definitive purchase agreement with holding company RON Transatlantic EG and Chinese conglomerate HNA Capital (U.S.) Holding for a majority stake in the company, according to a statement. The announcement comes less than five weeks after rumors began to circulate in early December that SkyBridge, a specialist in funds of hedge funds products, custom separate account portfolios, and hedge fund advisory services, was for sale.

Financial terms of the transaction were not disclosed, although Bloomberg is reporting the deal values Skybridge at $200-$230 million. Skybridge managed or advised on approximately $12 billion in assets as of November 30, 2016, and Scaramucci reportedly owned approximately 45%.

With the exception of Scaramucci, who will no longer have any affiliation with Skybridge or its popular SALT investment conference, SkyBridge will continue to be led by its current senior management and investment teams. In the meantime, George Hornig, CEO of RON Transatlantic and former COO of Credit Suisse Asset Management and PineBridge Investments, will be joining the company’s board.

The SALT Conference will be spun out as a standalone entity owned by Skybridge business development executives Victor Oviedo and Kelly O’Connor, according to a Bloomberg article citing an unidentified individual with knowledge of the matter. 

“It has been an honor and privilege to help build SkyBridge and work alongside some of the most talented individuals in the asset management industry who day in and day out demonstrate an unrelenting passion and commitment to helping our clients fulfill their long-term financial goals,” said Scaramucci, who founded Skybridge in 2005.  “While I am moving on to a new chapter in my career, I am truly excited about what the future holds for SkyBridge.  SkyBridge and SALT are in great hands and will continue to thrive.”

“We are very excited for the opportunity to continue to expand the business that Anthony and his team have created and built,” said Hornig.  “Now, together with the world-class resources and networks of HNA and Transatlantic, we feel the “sky” is the limit for how far we can take SkyBridge.” 

RON Translantic is described as a holding company with interests in the financial services, logistics, energy and brewing/beer sectors. HNA Capital, meanwhile, is controlled by major global conglomerate HNA Group, run by Chinese billionaire Chen Feng. 

Feng has been steadily buying up global assets in recent years, potentially as a hedge against depreciation of China’s currency. In 2016 alone, HNA announced and completed more than $30 billion in acquisitions, including Hilton Worldwide, the aircraft leasing business of CIT Group, and Ingram Micro.

"SkyBridge is a unique and innovative investment platform with a powerful brand that is well positioned to provide retail investors and their financial advisors with access to sophisticated alternative investment products," said Guang Yang, CEO of HNA Capital U.S.  "Our investment in SkyBridge is an important step in HNA Capital’s strategy to build a global asset management business.”

The transaction is expected to close in the second quarter of 2017, the statement said. 

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