Skip to main content
MENU
Subscribe
  • Sign Up Free
  • LOGIN
  • Subscribe
  • Topics
    • Alternatives
    • Consultants
    • Coronavirus
    • Courts
    • Defined Contribution
    • ESG
    • ETFs
    • Face to Face
    • Hedge Funds
    • Industry Voices
    • Investing
    • Money Management
    • Opinion
    • Partner Content
    • Pension Funds
    • Private Equity
    • Real Estate
    • Russia-Ukraine War
    • SECURE 2.0
    • Special Reports
    • White Papers
  • Rankings & Awards
    • 1,000 Largest Retirement Plans
    • Top-Performing Managers
    • Largest Money Managers
    • DC Money Managers
    • DC Record Keepers
    • Largest Hedge Fund Managers
    • World's Largest Retirement Funds
    • Best Places to Work in Money Management
    • Excellence & Innovation Awards
    • WPS Innovation Awards
    • Eddy Awards
  • ETFs
    • Latest ETF News
    • Fund Screener
    • Education Center
    • Equities
    • Fixed Income
    • Commodities
    • Actively Managed
    • Alternatives
    • ESG Rated
  • ESG
    • Latest ESG News
    • The Institutional Investor’s Guide to ESG Investing
    • ESG Sustainability - Gaining Momentum
    • Climate Change: The Inescapable Opportunity
    • Impact Investing
    • 2022 ESG Investing Conference
    • ESG Rated ETFs
  • Defined Contribution
    • Latest DC News
    • DC Money Manager Rankings
    • DC Record Keeper Rankings
    • Innovations in DC
    • Trends in DC: Focus on Retirement Income
    • 2022 Defined Contribution East Conference
    • 2022 DC Investment Lineup Conference
  • Searches & Hires
    • Latest Searches & Hires News
    • Searches & Hires Database
    • RFPs
  • Performance Data
    • P&I Research Center
    • Earnings Tracker
    • Endowment Returns Tracker
    • Corporate Pension Contribution Tracker
    • Pension Fund Returns Tracker
    • Pension Risk Transfer Database
    • Future of Investments Research Series
    • Charts & Infographics
    • Polls
  • Careers
  • Events
    • View All Conferences
    • View All Webinars
    • 2023 Defined Contribution East
    • 2023 ESG Investing
Breadcrumb
  1. Home
  2. HEDGE FUNDS
May 01, 2018 01:00 AM

China's HNA walks away from planned SkyBridge acquisition

Douglas Appell
  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print
    Bloomberg

    HNA Capital on Monday backed away from the Hainan-based firm's planned purchase of a majority stake in SkyBridge Capital, in favor of exploring opportunities to market and distribute the New York-based hedge funds-of-funds firm's strategies in China.

    HNA and SkyBridge said in a joint announcement that they've mutually agreed not to pursue the transaction the firms outlined in January 2017 that saw HNA Capital and RON Transatlantic acquiring a majority stake in the manager.

    At the time, SkyBridge's co-founder, Anthony Scaramucci, was positioning himself to leave the firm to take on a role with the incoming administration of President Donald Trump.

    When first announced, HNA and SkyBridge had predicted the deal could be inked by the second quarter of 2017. Instead, deliberations by the Committee on Foreign Investment in the U.S. have continued to drag on for 15 months.

    The committee has outlined a "path to approval subject to certain mitigation measures," but uncertainties regarding the time required to garner final approval have convinced both firms it was not in their business interests to pursue the transaction, the joint news release said.

    Mr. Scaramucci, who served as Mr. Trump's White House's communications director for a tumultuous 10-day stint in July 2017, will be returning to SkyBridge as "co-managing partner to focus on strategic planning and marketing efforts for the firm," the joint news release said.

    Guang Yang, president, HNA Group – North America, said in the news release HNA and SkyBridge will "explore ways to leverage our respective strengths in support of a potential marketing and distribution partnership in Asia."

    With Chinese regulators maintaining a tight grip on local investors' investments in overseas stocks and bonds, it's unclear how much leeway HNA would have, for the moment, in distributing SkyBridge's strategies on the mainland.

    The latest news release listed SkyBridge Capital's assets under management or advisement at roughly $10.4 billion as of February, down from the $12 billion it reported as of Nov. 30, 2016, at the time of HNA and SkyBridge's initial announcement in January 2017.

    HNA Capital's conglomerate, HNA Group — which in January 2017 had suggested its investment in SkyBridge would be an "important step in HNA Capital's strategy to build a global asset management business" — reported $100 billion in annual revenues for 2017, up from $30 billion the year before.

    Related Articles
    HNA said in talks to buy stake in Hong Kong's Value Partners
    Trump said to pick Scaramucci to be ambassador to OECD
    Hedge fund founder takes new role at White House
    Gresham House acquiring FIM services
    House passes bill to broaden U.S. regulators' power to review foreign investmen…
    House and Senate agree on foreign investment review process
    Recommended for You
    Karen Karniol-Tambour
    Bridgewater promotes Karen Karniol-Tambour to co-CIO
    Brandon Baer
    Bankruptcy-litigation hedge funds see potential in Genesis, FTX collapse
    ken_griffin_citadel_1550-main_i.jpg
    Citadel's $16 billion win tops Paulson's greatest trade ever
    The Institutional Investor's Guide to ESG Investing
    Sponsored Content: The Institutional Investor's Guide to ESG Investing

    Reader Poll

    January 25, 2023
    SEE MORE POLLS >
    Sponsored
    White Papers
    Show Me the Income: Discovering plan sponsor and participant preferences for cr…
    The Future of Infrastructure: Building a Better Tomorrow
    Outlook 2023: Opportunity in a volatile world
    Research for Institutional Money Management
    View More
    Sponsored Content
    Partner Content
    The Industrialization of ESG Investment
    For institutional investors, ETFs can make meeting liquidity needs easier
    Gold: the most effective commodity investment
    2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios
    Ten ways retirement plan professionals add value to plan sponsors
    Gold: an efficient hedge
    View More
    E-MAIL NEWSLETTERS

    Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    Subscribe Today
    December 12, 2022 page one

    Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.

    Subscribe
    Connect With Us
    • RSS
    • Twitter
    • Facebook
    • LinkedIn

    Our Mission

    To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.

    About Us

    Main Office
    685 Third Avenue
    Tenth Floor
    New York, NY 10017-4036

    Chicago Office
    130 E. Randolph St.
    Suite 3200
    Chicago, IL 60601

    Contact Us

    Careers at Crain

    About Pensions & Investments

     

    Advertising
    • Media Kit
    • P&I Content Solutions
    • P&I Careers | Post a Job
    • Reprints & Permissions
    Resources
    • Subscribe
    • Newsletters
    • FAQ
    • P&I Research Center
    • Site map
    • Staff Directory
    Legal
    • Privacy Policy
    • Terms and Conditions
    • Privacy Request
    Pensions & Investments
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • Topics
      • Alternatives
      • Consultants
      • Coronavirus
      • Courts
      • Defined Contribution
      • ESG
      • ETFs
      • Face to Face
      • Hedge Funds
      • Industry Voices
      • Investing
      • Money Management
      • Opinion
      • Partner Content
      • Pension Funds
      • Private Equity
      • Real Estate
      • Russia-Ukraine War
      • SECURE 2.0
      • Special Reports
      • White Papers
    • Rankings & Awards
      • 1,000 Largest Retirement Plans
      • Top-Performing Managers
      • Largest Money Managers
      • DC Money Managers
      • DC Record Keepers
      • Largest Hedge Fund Managers
      • World's Largest Retirement Funds
      • Best Places to Work in Money Management
      • Excellence & Innovation Awards
      • WPS Innovation Awards
      • Eddy Awards
    • ETFs
      • Latest ETF News
      • Fund Screener
      • Education Center
      • Equities
      • Fixed Income
      • Commodities
      • Actively Managed
      • Alternatives
      • ESG Rated
    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • ESG Sustainability - Gaining Momentum
      • Climate Change: The Inescapable Opportunity
      • Impact Investing
      • 2022 ESG Investing Conference
      • ESG Rated ETFs
    • Defined Contribution
      • Latest DC News
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • Trends in DC: Focus on Retirement Income
      • 2022 Defined Contribution East Conference
      • 2022 DC Investment Lineup Conference
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Performance Data
      • P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
      • Future of Investments Research Series
      • Charts & Infographics
      • Polls
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
      • 2023 Defined Contribution East
      • 2023 ESG Investing