sells itself, investment team to stay put
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[January 18, 2017]
By Svea Herbst-Bayliss and Matthew Miller
(Reuters) - The hedge fund investment firm founded by Anthony Scaramucci
said it will sell a majority of itself to RON Transatlantic EG and an
arm of Chinese aviation and tourism conglomerate HNA Group, four days
after Scaramucci took a position in President-elect Donald Trump's
SkyBridge Capital announced the deal on Tuesday. Terms of the sale,
which is expected to close in the second quarter of 2017, were not
For HNA Group, which announced about $20 billion of deals in 2016 alone,
the stake purchase through its financial arm HNA Capital represents the
latest move into financial asset management. Last week, HNA said it
would spend $460 million to purchase New Zealand asset finance firm UDC.
"Our investment in SkyBridge is an important step in HNA Capital's
strategy to build a global asset management business," Guang Yang, CEO
for HNA Capital U.S., said in a statement.
The deal comes as HNA Group is rapidly expanding in the United States,
where authorities have stepped up scrutiny of Chinese state-backed
HNA Group, best known as the owner of Hainan Airlines Co, announced in
October that it will fork out $6.5 billion to purchase a 26 percent
stake in hotel chain Hilton Worldwide Holdings Inc.
HNA's Avolon Holdings also agreed that month to buy CIT Group's aircraft
leasing assets worth $10 billion.
The $12 billion SkyBridge's investment management team, lead by Ray
Nolte, will continue to run the company, offering clients access to
hedge funds such as Daniel Loeb's Third Point, Michael Vranos' Ellington
Management Group and Steven Tananbaum's GoldenTree Asset Management LP.
Scaramucci, who founded SkyBridge in 2005 and joined forces with Nolte
five years later when he bought Citigroup Alternative Investments Hedge
Fund Management Group, will no longer be affiliated with the firm or its
well-known industry conference, the SkyBridge Alternatives Conference.
[to top of second column]
Anthony Scaramucci, assistant to President-elect Donald Trump and
Director of Public Liaison. REUTERS/Ruben Sprich
on Wall Street as the "Mooch", Scaramucci announced on Friday that he would be
joining the White House staff as an adviser and public liaison to government
agencies and businesses. Word spread among bankers in mid-December that he had
put the company up for sale as he was setting his sights on a position in
Capital (U.S.), a unit of HNA Capital, and RON Transatlantic already owned a
minority stake in SkyBridge. Between the two, the new majority owners are
involved in beer brewing, tourism, logistics and financial services.
"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,"
George Hornig, Chief Executive of RON Transatlantic Financial Holdings, said in
The SkyBridge Alternatives Conference, called SALT, grew into one of the
industry's biggest hedge fund conferences as Scaramucci got former U.S.
presidents, generals and money managers, along with thousands of others to join
him for days of lectures and sunning by the pool in Las Vegas.
The conference will be spun off as a standalone entity, the company said.
(Reporting by Svea Herbst-Bayliss in Boston and Matthew Miller in Beijing;
Editing by Chizu Nomiyama, Alan Crosby and Muralikumar Anantharaman)
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