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Alternative Market Briefing

SkyBridge looks toward the future

Friday, May 19, 2017

Bailey McCann, Opalesque New York:

When hedge fund impresario Anthony Scaramucci abruptly sold his firm SkyBridge Capital to HNA Group, a large Chinese conglomerate, in January in order to pursue a position in the Trump White House, the deal made news. The transaction is expected to close in June of this year and Opalesque sat down with Skybridge CIO Ray Nolte at SALT to get a sense of where the firm is headed as part of HNA.

"There really hasn't been that much disruption," Nolte tells Opalesque. "In many ways, the HNA transaction was similar to how things went when I came in with Citi in 2010. HNA didn't have a business in this space so we could just continue on without a lot of integration work."

China's HNA Group started as an aviation company but has spent more than $33 billion in foreign and domestic transactions that have expanded the firm further into aviation, as well as hotels, logistics, and financial services. HNA recently announced it was taking a 25 percent stake in Old Mutual's US asset management unit in a deal that cost some $446 million. According to Bloomberg, HNA has also acquired assets from Australia & New Zeland Banking Group and is one of the largest shareholders in Deutsche Bank.

The HNA deal also builds on an expansion of sorts into Asia that was already underway at SkyBridge. In 2013,......................

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