SkyBridge Capital Announces Definitive Purchase Agreement To Sell Majority Stake in Firm

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Jan 17, 2017, 09:39 ET

NEW YORK, Jan. 17, 2017 /PRNewswire/ -- SkyBridge Capital ("SkyBridge"), a leading global alternative investment firm, announced today that it has signed a definitive purchase agreement with RON Transatlantic EG ("RON Transatlantic") and HNA Capital (U.S.) Holding ("HNA Capital U.S.") for a majority stake in the firm. Financial terms of the transaction were not disclosed.

SkyBridge's investment offerings include commingled funds of hedge funds products, customized separate account portfolios, hedge fund advisory services and a long-only mutual fund. SkyBridge managed or advised approximately $12 billion in assets as of November 30, 2016. SkyBridge has an exceptional retail distribution platform which brings its alternative and other asset management products to the mass affluent investor channel. The firm also hosts the SALT Conference, one of the world's leading thought leadership and investment forums that convenes global leaders across business, finance and public policy to discuss economic trends, geopolitical events and investment strategies.

SkyBridge will continue to be led by its current senior management team and its full investment team will remain intact. SkyBridge founder, Anthony Scaramucci, will step down from his role as co-managing partner and will no longer be affiliated with SkyBridge or SALT, effective immediately.

The SALT Conference will be spun out as a standalone entity. This year's SALT Conference, scheduled to be held May 16-19, 2017, in Las Vegas, will continue as planned.

"It has been an honor and privilege to help build SkyBridge and work alongside some of the most talented individuals in the asset management industry who day in and day out demonstrate an unrelenting passion and commitment to helping our clients fulfill their long-term financial goals," said Anthony Scaramucci. "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. SkyBridge and SALT are in great hands and will continue to thrive."

George Hornig, CEO of RON Transatlantic Financial Holdings, and former Chief Operating Officer of Credit Suisse Asset Management and PineBridge Investments, will be joining the board of SkyBridge to work with its senior management on initiatives to grow SkyBridge's product offerings and distribution platforms. "We are very excited for the opportunity to continue to expand the business that Anthony and his team have created and built," said Hornig. "Now, together with the world-class resources and networks of HNA and Transatlantic, we feel the "sky" is the limit for how far we can take SkyBridge."

"SkyBridge is a unique and innovative investment platform with a powerful brand that is well positioned to provide retail investors and their financial advisors with one-stop access to sophisticated alternative investment products," said Guang Yang, CEO of HNA Capital U.S. "Our investment in SkyBridge is an important step in HNA Capital's strategy to build a global asset management business. We look forward to working with the world-class management team of SkyBridge and our partners at RON Transatlantic to accelerate SkyBridge's long-term growth and development."

The transaction is expected to close in the second quarter of 2017.

About RON Transatlantic

RON Transatlantic is a diversified holding company with interests in the financial services, logistics, energy and brewing/beer sectors.

About HNA Capital U.S.

HNA Capital U.S. is the New York-based subsidiary of HNA Capital, the financial services unit of HNA Group, a Fortune Global 500 company focused on tourism, logistics and financial services. A full service financial solutions provider, HNA Capital includes a diverse set of global businesses in equipment leasing, insurance, investment banking, securities and credit services. HNA Group is a global company with over $90 billion of assets, $30 billion in annual revenues and an international workforce of nearly 200,000 employees, primarily across North America, Europe and Asia. For more information, please visit www.hnagroup.com.

About SkyBridge Capital

SkyBridge Capital is a global alternative investment firm with approximately $12 billion in assets under management or advisement as of November 30, 2016. Addressing every type of market participant, SkyBridge's investment offerings include commingled funds of hedge funds products, customized separate account portfolios, hedge fund advisory services and a long-only mutual fund. The firm is headquartered in New York and has offices in Palm Beach Gardens, London and Seoul.

Media Contacts:

Woomi Yun, Edelman, on behalf of SkyBridge Capital
[email protected]
+1 212 729 2166

Robert Rendine / Brandon Messina, Sard Verbinnen & Co., on behalf of HNA Capital U.S.
+1 212-687-8080

SOURCE SkyBridge Capital