Anthony Scaramucci, founder of SkyBridge Capital and its famed Las Vegas SALT conference, has sold the hedge funds-of-funds firm after being appointed advisor to President-elect Donald Trump.
Holding company RON Transatlantic and Chinese financial services firm HNA Capital agreed to purchase a majority stake in SkyBridge, the three firms announced Tuesday.
As part of the agreement, Scaramucci will step down from his role as co-managing partner and cease to be affiliated with both SkyBridge and SALT.
The announcement comes a week after news broke that Scaramucci, a member of Trump’s transition team, was tapped for a White House advisory job.
“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,” Scaramucci said in a statement. “While I am moving on to a new chapter in my career, I am truly excited about what the future holds for SkyBridge.”
Aside from Scaramucci’s departure, SkyBridge’s current senior management and investment team will “remain intact,” the firms stated.
The SALT conference, meanwhile, will be spun out as a standalone event. This year’s conference will still be held this May in Las Vegas as planned, according to the news release.
“SkyBridge and SALT are in great hands and will continue to thrive,” Scaramucci said.
The transaction is expected to close in the second quarter of this year.
Related: Fear and Liabilities in Las Vegas; The Great Scaramucci