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CNBC BREAKING NEWS: CNBC TRANSCRIPT: CNBC’S “THE STRATEGY SESSION” SPEAKS WITH ANTHONY SCARAMUCCI, MANAGING PARTNER SKYBRIDGE CAPITAL, TODAY

WHEN: TODAY, WEDNESDAY, JUNE 30TH AT 12PM ET

WHERE: CNBC’S “THE STRATEGY SESSION

Following is the UNOFFICIAL transcript of a CNBC interview with Anthony Scaramucci, Managing Partner, Skybridge Capital, today, Wednesday, June 30th on CNBC's "The Strategy Session." Skybridge completes aquisition of CITI's Fund of Hedge Funds unit.

The interview also available at strategysession.cnbc.com.

All references must be sourced to CNBC.

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FABER: WE ARE ALSO WATCHING THE FCIC HEARINGS FOR YOU IN WASHINGTON WHERE ARE WE WILL BRING YOU THE LATEST. ESPECIALLY WHEN JOE CASSANO TAKES THE STAND. WE'RE GOING TO START WITH A BREAKING DEVELOPMENT THAT INVOLVES A PREVIOUSLY ANNOUNCED DEAL BETWEEN CITIGROUP AND THE COMPANY THAT IS RUN BY THE MAN TO MY RIGHT.

SCARAMUCCI: WELL, IT'S ACTUALLY RUN BY A COUPLE OF PEOPLE. IT'S MYSELF, SCOTT PRINCE, AND NOW RAY NOLTE. WE WELCOME RAY NOLTE AS A MANAGING PARTNER AND CHIEF INVESTMENT OFFICER OF SKYBRIDGE. HE JOINS US WITH 21 PEOPLE TOMORROW, AND WE HAVE REFITTED OUR OFFICE FOR THESE PEOPLE. WE'RE VERY EXCITED.

FABER: ALRIGHT BUT THE DEAL IS OF COURSE YOU ARE COMPLETING THE ACQUISITION OF THE FUND TO FUNDS BUSINESS AT CITIGROUP.

SCARAMUCCI: YES THE DEAL IS FINALIZED. GOING TO BE FINALIZED THIS AFTERNOON. IT'S A $7.5 BILLION ENTERPRISE TODAY. I THINK WE'LL BE THE 22nd OR 23rd LARGEST FUND TO FUNDS COMPLEX IN THE WORLD. WE HAVE A PENSION ADVISORY BUSINESS. WE HAVE A FUND TO FUNDS. WE ACTUALLY HAVE A 40 ACT FUND NOW, WHICH IS A REGISTERED FUND.

KAMINSKY: ENOUGH WITH THE PROPAGANDA. LET ME ASK YOU A QUESTION.WHEN YOU ANNOUNCE THIS IN FEBRUARY, THE WORLD WAS CLEARLY A DIFFERENT PLACE.

SCARAMUCCI: YEAH.

KAMINSKY: THIS WAS A DEAL YOU ANNOUNCED IN FEBRUARY. WE AR ENOW ABOUT TO END THE SECOND QUARTER. ARE YOU HAPPY YOU HAVE MORE FUND TO FUNDS ASSET. IS A FUND TO FUND BUSINESS A GOOD BUSINESS TO BE IN NOW?

SCARAMUCCI: THE FUND TO FUNDS BUSINESS IS ACTUALLY A GREAT BUSINESS TO BE IN, GARY. I'LL TELL YOU THIS, THEY SERVED COFFEE IN THE UNITED STATES BEFORE STARBUCKS, AND THERE WERE MP3 PLAYERS BEFORE THE iPOD. SKYBRIDGE IS GOING TO TRY TO TAKE THE FUND-TO-FUNDS BUSINESS TO A NEW LEVEL. OKAY. OUR GOAL AT SKY BRIDGE IS TO PUSH THE ENVELOPE IN FUND-TO-FUNDS.THAT'S WHAT WE DID WITH THE CONFERENCE.

FABER: IM TRYING TO FIGURE OUT THE ANALOGY. SO YOU ARE GOING TO BE THE NEXT GENERATION IPAD?

KATE KELLY: PIONEERS OF THE FUND-TO-FUND BUSINESS?

SCARAMUCCI: TO BE 10% SUCCESSFUL ON THE MARKETING SIDE OF WHAT APPLE HAS DONE. THAT WOULD BE TERRIFIC. BUT MY POINT IS WE WANT TO MUTUALIZE THE INDUSTRY. OKAY.WE WANT TO BRING MOM AND POPS INTO THE HEDGE FUND SPACE. WE WANT TO UPSTREAM INTO THE PENSION AND CONSULTING SERVICES BUSINESSES. WE WANT TO BE SPOKE THESE FUNDS.WE WANT TO BE INNOVATIVE. WE DON'T WANT TO BE THE VANILLA STAGNATING FUND TO FUNDS THAT'S DRIPPING ASSETS AWAY FROM THEMSELVES.

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