Scaramucci, Exploring Government Post, Weighs Sale of SkyBridge

(Bloomberg) -- Anthony Scaramucci, a member of President-elect Donald Trump’s transition team, is exploring the sale of SkyBridge Capital as he seeks a post within the incoming administration, according to a person familiar with his thinking.

Scaramucci, who has weighed selling his firm in the past, is considering exiting now as he’s open to taking a government job, such as a role at the Council of Economic Advisers, said the person, who asked not to be named because the information is private. He’s also considering a bid for finance chairman of the Republican National Committee.

SkyBridge, which manages about $7.5 billion in assets, has been approached by private-equity firms, mid-to-large asset management companies and sovereign wealth funds, said the person. Scaramucci, SkyBridge’s biggest shareholder, has yet to decide whether the sale will be limited to his stake, the person said.

Scaramucci didn’t respond immediately to requests for comment. Woomi Yun, an external spokeswoman for SkyBridge, declined to comment.

Scaramucci is the face of the SkyBridge, responsible for raising its profile and capital for its fund of hedge funds business. He’s best known for organizing one of the largest hedge fund conferences each year in Las Vegas. Ray Nolte, who also owns a stake in the firm, leads investment decisions as chief investment officer.

PE Hub first reported that SkyBridge is up for sale on Friday. Fox Business Network reporter Charles Gasparino reported in a tweet Monday that Scaramucci confirmed his desire to sell the firm.

Scaramucci founded the firm in 2005, raising $300 million to invest in nine startup hedge funds. SkyBridge grew at a time when funds of funds came under fire from investors, who’ve turned away from them and their layers of fees. Investors pay the funds of funds managers in addition to the underlying hedge funds.

Assets invested in funds of funds have dropped to $636 billion at the end of the third quarter from $799 billion in 2007, according to Hedge Fund Research Inc.

SkyBridge is facing its own challenges, with assets under management falling to roughly $7.5 billion from $9.2 billion as of Jan. 31. SkyBridge’s Series G fund lost 1.8 percent this year through November, according to a company document. As of the end of August, the fund had returned an annualized 5.1 percent over the last five years.

Last month Scaramucci said in an interview with Bloomberg Television that he would consider a position in the administration, but he’s "not jockeying for a job."

To contact the reporters on this story:
Katia Porzecanski in New York at kporzecansk1@bloomberg.net
Simone Foxman in New York at sfoxman4@bloomberg.net

To contact the editors responsible for this story:
Margaret Collins at mcollins45@bloomberg.net
Vincent Bielski