HNA Buys into U.S. Fund Manager as Founder Leaves to Join Trump

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(Beijing) — Hedge-fund investment firm SkyBridge Capital said a group that includes Chinese private equity firm HNA Group will take control of the company in a deal that will see founder Anthony Scaramucci leave as he prepares for a role in the new administration of U.S. President-elect Donald Trump.

HNA unit HNA Capital, one of China’s most aggressive private equity investors, will buy a majority stake in SkyBridge along with RON Transatlantic EG, a holding company with interests in financial services, logistics and energy sectors, according to a SkyBridge statement released on Tuesday.

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Chinese private equity firm HNA Group, along with RON Transatlantic EG, will acquire a majority stake in SkyBridge Capital, leading to the departure of founder Anthony Scaramucci as he joins the Trump administration.
HNA has been expanding globally, with $30 billion in deals in 2016 and recently purchasing UDC Finance from ANZ Bank for NZ$660 million.
The deal includes spinning off the SkyBridge Alternatives Conference (SALT) into a separate entity, while the existing management team at SkyBridge remains intact.

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SkyBridge Capital, a hedge-fund investment firm, announced that it will be taken over by a consortium including Chinese private equity firm HNA Group and RON Transatlantic EG. This move comes as SkyBridge's founder, Anthony Scaramucci, prepares to depart for a role in President-elect Donald Trump's administration. The financial details of the deal were not disclosed [para. 1][para. 2].

HNA Group has been notably active in global acquisitions, having announced or completed deals worth $30 billion in 2016. Although traditionally focused on travel and tourism, HNA recently made headlines with its purchase of UDC Finance from Australia’s ANZ Bank for NZ$660 million. This acquisition is part of HNA's broader strategy to expand its asset management business globally [para. 3][para. 4].

The acquisition of SkyBridge aligns with HNA Capital’s goal to establish a significant presence in global asset management. Guang Yang, CEO of HNA Capital U.S., expressed enthusiasm about collaborating with SkyBridge’s management team and RON Transatlantic to foster growth and development at SkyBridge [para. 4].

SkyBridge manages approximately $12 billion in assets and is known for hosting the annual SkyBridge Alternatives Conference (SALT) in Las Vegas. Following the transaction, SALT will become an independent entity. Scaramucci will resign from his position at SkyBridge and SALT and will sever all ties with both as he transitions into his new advisory role within the Trump administration [para. 5][para. 6].

This deal occurs shortly after Jack Ma of Alibaba met with Trump, highlighting concerns among Chinese businesses about future U.S.-China trade relations under Trump's presidency [para. 7].

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Who’s Who

HNA Group: Summay： HNA Group, a Chinese private equity firm, has been expanding globally with a series of acquisitions, including $30 billion in deals in 2016. Traditionally focused on travel and tourism, HNA recently ventured into financial services by purchasing UDC Finance from ANZ Bank for NZ$660 million. The group is part of the deal to acquire a majority stake in SkyBridge Capital through its unit HNA Capital, alongside RON Transatlantic EG.

HNA Capital: Summay： HNA Capital, a unit of Chinese private equity firm HNA Group, is one of China's most aggressive investors. Recently, it partnered with RON Transatlantic EG to acquire a majority stake in SkyBridge Capital. This move aligns with HNA Capital’s strategy to expand its global asset management business. The company has been actively pursuing acquisitions worldwide, including the recent purchase of UDC Finance from ANZ Bank for NZ$660 million.

SkyBridge Capital: Summay： SkyBridge Capital, a hedge-fund investment firm, is being acquired by a group including HNA Group's unit HNA Capital and RON Transatlantic EG. SkyBridge, which manages about $12 billion in assets and hosts the SALT conference, will see its founder Anthony Scaramucci step down as he joins the Trump administration. The financial terms of the deal were not disclosed.

RON Transatlantic EG: Summay： RON Transatlantic EG is a holding company with interests in the financial services, logistics, and energy sectors. Along with HNA Capital, it will acquire a majority stake in SkyBridge Capital, as part of the deal announced by SkyBridge.

Alibaba Group Holding Ltd.: Summay： Alibaba Group Holding Ltd., founded by Jack Ma, is a major Chinese e-commerce company. Recently, Jack Ma met with U.S. President-elect Donald Trump, becoming the first significant Chinese business leader to do so since the election. This meeting is notable as many Chinese businesses are concerned about potential reduced access to U.S. markets under Trump's administration, which has criticized China for job losses in the U.S.

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