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SkyBridge Completes Acquisition of Citi Hedge Fund Unit

Skybridge Capital on Wednesday will complete its acquisition of Citigroup’s fund of hedge funds unit, Anthony Scaramucci, Managing Partner of Skybridge Capital told CNBC.

Scaramucci sees the the fund-to-fund business as "a good place to be."

For that reason, he wants to "mutualize the industry"—bring the moms and pops into the hedge fund space, upstream into the pension and consulting businesses and be innovative—because the only hedge funds that seem to be working are fixed-income, distressed and event-driven funds.

Everyone is being pushed around in the market because there is no real “macroeconomic clarity.” That is the reason for the "tepid performance" of hedge funds right now, Scaramucci concluded.

"The Strategy Session," hosted by David Faber and Gary Kaminsky, airs weekdays at Noon ET on CNBC.