Sale of ex-Trump aide Scaramucci’s SkyBridge to China HNA-backed group on track

FILE PHOTO - Anthony Scaramucci, Founder and Co-Managing Partner at SkyBridge Capital, speaks during the opening remarks during the SALT conference in Las Vegas, Nevada, U.S. on May 17, 2017. REUTERS/Richard Brian/File Photo

The sale of former White House communications director Anthony Scaramucci’s SkyBridge Capital LLC hedge fund investment firm to a consortium that includes a Chinese buyer is still on track, with the closing date expected in late September, the firm’s chief investment officer said on Monday.

New York-based Skybridge is still awaiting approval from one entity, CIO Ray Nolte said in a video posted to the firm’s website on Monday.

SkyBridge spokeswoman Woomi Yun, in an email, named the entity as the Committee on Foreign Investment in the United States. The inter-agency committee of the U.S. government reviews acquisitions by foreign entities for potential national security risks.

“At this juncture we’d probably be looking at something in September as a targeted closing date,” Nolte said in the video.

In May, Scaramucci told Reuters he thought the deal would probably close in June.

HNA Capital U.S., a unit of Chinese conglomerate HNA Group, and RON Transatlantic EG said in January they had agreed to purchase a majority stake in SkyBridge.

By selling SkyBridge, Scaramucci, a prominent Wall Street hedge fund investor, was paving a path to the White House, which he had hoped to join as an adviser soon after President Donald Trump’s inauguration.

In July he was appointed as White House communications director but was fired a week later after an obscenity-laced telephone interview with a New Yorker magazine writer.

Parties involved in the deal said in July that Scaramucci’s exit from the Trump administration would not affect the sale.

SkyBridge invests roughly $10.5 billion in assets, up from about $4 billion seven years ago when Scaramucci bought Citigroup Inc’s so-called fund of funds business. The investment team has been together for years and remains steady, Nolte said.

As part of the sale, the investment arm has been split from the division that organizes the SALT hedge fund conference in Las Vegas, a major industry event that attracts billionaire investors including Ken Griffin, Daniel Loeb and John Paulson and former U.S. presidents including George W. Bush and Bill Clinton.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.