RON Transatlantic EG and HNA Capital (U.S.) Holding will acquire a majority stake in hedge funds-of-funds manager SkyBridge Capital II. The deal, expected to close in the second quarter, clears the way for Anthony Scaramucci, SkyBridge’s founder and co-managing partner, to join President Donald Trump’s administration as an adviser.
The three firms have signed a definitive purchase agreement, showed a news release on Tuesday. Robert Rendine, a spokesman for HNA Capital (U.S.) said financial terms of the deal are not being disclosed.
HNA Capital (U.S.) is the New York-based subsidiary of HNA Capital Group, the financial services unit of Chinese conglomerate HNA Group.
“Our investment in SkyBridge is an important step in HNA Capital’s strategy to build a global asset management business,” said Guang Yang, CEO of HNA Capital (U.S.), in the release.
RON Transatlantic is a U.S. holding company invested in the financial services, energy, logistics and brewing/beer sectors.
George Hornig, CEO of RON Transatlantic Financial Holdings, will join SkyBridge’s board to “grow SkyBridge’s product offerings and distribution platforms,” according to the news release.
SkyBridge Capital will continue to operate independently under its own name, Mr. Rendine said, noting that the firm’s current management team, led by Raymond C. Nolte, co-managing partner and chief investment officer, and its entire investment team will stay with the firm.
Mr. Scaramucci will not be affiliated with SkyBridge Capital or its annual SALT Conference, the release said. SkyBridge’s conference business will be spun out as a stand-alone entity, said the release, without providing further details.
Mr. Scaramucci could not be reached for comment. Woomi Yun, a SkyBridge spokeswoman, declined to comment about whether the minority stake in the firm will be owned by SkyBridge employees and whether those employees have agreed to long-term employment contracts.
SkyBridge managed $12 billion in hedge funds of funds and customized strategies as of Nov. 30.