Donald Trump advisor Anthony Scaramucci said Tuesday that SkyBridge Capital, the $12 billion alternative investment firm that he founded, will be purchased by RON Transatlantic EG and HNA Capital (U.S.) Holding.
While financial terms of the transaction were not disclosed, RON Transatlantic and HNA Capital will acquire a majority stake in SkyBridge. The transaction is expected to close in the second quarter of 2017.
“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 in a statement announcing the sale.
Scaramucci will step down immediately from his role as co-managing partner and will no longer be affiliated with SkyBridge.
“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.”
SkyBridge will continue to be led by its current senior management team and its full investment team will remain intact, the firm said.
George Hornig, CEO of Washington, D.C.-based RON Transatlantic Financial Holdings, and former chief operating officer of Credit Suisse Asset Management and PineBridge Investments, will join SkyBridge’s board and work with the firm’s senior management on initiatives to grow SkyBridge’s product offerings and distribution platforms.
Scarramucci will also immediately halt his association with SkyBridge’s popular SALT Conference, which draws global economic thinkers as well as celebrities. The SALT Conference is to be spun out as a standalone entity, SkyBridge says, but the 2017 conference to be held in May in Las Vegas will continue as planned.
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