Anthony Scaramucci, who is joining President-elect Donald Trump’s White House staff, agreed to sell his firm, SkyBridge Capital.
Ron Transatlantic EG and HNA Capital are buying a majority stake in SkyBridge, a statement said. Financial terms weren’t announced but press reports said SkyBridge could fetch $200 million to $225 million. The sale is expected to close in the second quarter.
Scaramucci founded SkyBridge, a New York fund-of-hedge-funds, in 2005. The firm had $12 billion in assets under management or advisement as of Nov. 30.
Scaramucci is stepping down from his role as SkyBridge’s co-managing partner. He will no longer be affiliated with SkyBridge or with the SkyBridge Alternatives (SALT) Conference. The firm’s current senior management team will continue to lead SkyBridge while its investment team is remaining intact.
The lucrative SALT conference, which has featured speakers such as President Bill Clinton and Prime Minister Tony Blair, is being spun out as a stand-alone entity, the statement said. The conference will take place May 16-19 in Las Vegas.
Buyouts first reported that Scaramucci was looking to sell SkyBridge on Dec. 9.
The transaction comes as Scaramucci is joining Trump’s staff as an adviser and public liaison to government agencies and businesses, Reuters reported Friday.
“While I am moving on to a new chapter in my career, I am truly excited about what the future holds for SkyBridge and the opportunities that RON Transatlantic and HNA Capital U.S. will bring to serving the firm’s clients,” Scaramucci said in a statement. “SkyBridge and SALT are in great hands and will continue to thrive.”
Ron Transatlantic is a holding company with interests in financial services, logistics, energy and brewing/beers. Ron Transatlantic is the investment firm from George Hornig, the former COO of Credit Suisse Asset Management and PineBridge Investments, the statement said.
HNA Capital is part of HNA group, a Chinese conglomerate with holdings in tourism, logistics and financial services. HNA Group has more than $90 billion of assets.
Executives for HNA declined comment. SkyBridge and Hornig could not be reached for comment.
Action Item: To contact the Trump transition team go here
Anthony Scaramucci, co-managing partner and founder of Skybridge Capital, speaks at the opening of the SALT conference 2015. Photo courtesy Reuters/Rick Wilking