Reuters: Sale Of Scaramucci's Skybridge Expected To Close By Month-End

Sep 18 2017 | 6:53pm ET

As the dust settles from Anthony Scaramucci’s record-setting tenure as White House Communications Director, the sale of his alternative asset manager Skybridge Capital appears to still be on track.

Scaramucci put his portion of Skybridge up for sale in late December following Donald Trump’s victory in the 2016 presidential election. An avid backer and defender of Trump during the campaign, Scaramucci was widely expected to take a senior role in the administration following Trump’s inauguration. However, his status subsequently became very fluid; he was initially rumored to be in the running for liaison to the business community, then floated as the potential ambassador to the OECD in Paris before being finally named strategy chief for the U.S. Export-Import Bank in late June. 

Only a few weeks later, Scaramucci was named White House Communications Director, embarking on an infamously turbulent role that culminated in his resignation only ten calendar days later – setting a record as the shortest-serving holder of that office in White House history. 

Meanwhile, the sale of his Skybridge stake has continued apace, according to a Reuters article. In mid-January, Skybridge announced a definitive agreement had been signed with holding company RON Transatlantic and China’s HNA Capital for a majority of the company in a deal that Bloomberg estimated at the time would value Skybridge at more than $200 million. Scaramucci owns approximately 45% of Skybridge, Bloomberg added, and as part of the proposed transaction, Skybridge’s popular SALT investment conference would be spun out as a separate entity. 

Closing of the transaction is now expected to take place by the end of the month, Reuters reported, citing managing partner and CIO Ray Nolte. SkyBridge is reportedly waiting on final approval from the Committee on Foreign Investment in the United States. 

Potential concerns around Chinese involvement in the Skybridge sale were among the issues that reportedly hampered Scaramucci’s candidacy for future roles within the administration. 

Skybridge managed or advised on $10.9 billion in assets under management or advisement as of July 31, 2017. The company manages multi-strategy funds of hedge funds and customized separate account portfolios, and provides hedge fund advisory services.


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