×

Trump adviser Scaramucci sells his hedge fund business

Assistant to the US President Donald Trump Anthony Scaramucci takes part in a meeting on the theme 'Monetary Policy: Where Will Things Land?' on the opening day of the World Economic Forum, on January 17, 2017 in Davos.
Fabrice Coffrini | AFP | Getty Images
Assistant to the US President Donald Trump Anthony Scaramucci takes part in a meeting on the theme 'Monetary Policy: Where Will Things Land?' on the opening day of the World Economic Forum, on January 17, 2017 in Davos.

As he prepares to take on a key role in the Donald Trump administration, Anthony Scaramucci has sold his asset management business.

Speaking at the World Economic Forum in Davos, the head of SkyBridge Capital said he has sold his $12 billion fund of funds. He had said in December the firm was up for sale as speculation grew that he would be taking on a role in the White House.

Scaramucci dropped the news in the middle of a session on Trump's economic agenda. He was chronicling his rise through the financial ranks and, referring to his current firm, said, "I've actually just sold today."

The buyers were Washington, D.C.-based RON Transatlantic Advisors and HNA Capital of New York. Sales terms were not disclosed, according to an announcement from Skybridge, though the asking price was thought to be in the $250 million range. RON is a holding company while HNC is a financial services unit of HNA Group, with $90 billion of assets.

"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," Scaramucci said in a subsequent statement.

Scaramucci's role officially will be as a liaison in the White House for state and local governments and for both American and foreign businesses. The position has been compared to the one President Barack Obama's key confidante Valerie Jarrett currently holds, though Scaramucci has downplayed those reports.

Scaramucci, 53, is a high-profile Wall Streeter whose annual SALT conference in Las Vegas brings thousands of fellow hedge fund managers and investors for a program that features high-profile market experts, politicians and show business personalities.

The Skybridge announcement said the SALT conference will be spun off as a "standalone entity." This year's conference, set for May 16-19, will be held as scheduled though Scaramucci will not be involved.

"SkyBridge and SALT are in great hands and will continue to thrive," Scaramucci said.

Scaramucci recently released "Hopping Over the Rabbit Hole: How Entrepreneurs Turn Failure Into Success," a chronicle of his struggles bringing SkyBridge to prominence.

With the Scaramucci appointment, it brings a total of at least a half-dozen former Goldman Sachs employees who will be serving key advisory roles in the new administration.