|S. Rina |||Jan 19, 2017 07:12 AM EST|
(Photo : DrewAngerer/GettyImages) Trump backer Anthony Scaramucci announced that he plans to sell his hedge fund SkyBridge to a Chinese consortium.
Trump backer Anthony Scaramucci announced that he plans to sell his hedge fund SkyBridge to a Chinese consortium. Scaramucci has been picked by president-elect Donald Trump as his new public liaison to government agencies and businesses and an adviser.
SkyBridge is a fund of funds entity, which invests in other hedge funds. According to regulatory filings, SkyBridge managed nearly $9.2 billion worth of client money last year. It also advised on additional $3.4 billion during the same time period.
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Scaramucci sold the stake to comply with ethics requirements of his new appointment. A news release stated that he will sever all of his ties with SkyBridge and SkyBridge Alternatives Conference. The conference will now be spun off as stand-alone entity. It had the reputation for attracting the business and political bigwigs for a round of lecturing and networking.
The Chinese consortium is led by HNA Capital and RON Transatlantic. HNA Capital belongs to HNA Group, a Chinese conglomerate with interests in aviation and hospitality. RON Transatlantic already held a stake in the hedge fund.
Guang Yang, CEO for HNA Capital U.S., said in a statement, "Our investment in SkyBridge is an important step in HNA Capital's strategy to build a global asset management business." HNA Group carried out $20 billion worth of acquisitions in 2016.
The deal sends mixed signals as Donald Trump is widely known for his anti-China rhetoric. He has indicated that he may put curbs on foreign trade with China. However, the latest deal shows that Trump may resort to more pragmatic approach upon assuming the office.
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