Scaramucci May Sell SkyBridge and Join White House

Story written by Simone Foxman at Bloomberg

Anthony Scaramucci, founder of SkyBridge Capital, said he has received bids for his firm and may end up working in the White House.

"We have gotten a couple of bids, we’re parsing through that now," Scaramucci, 53, told Bloomberg Television. The offers for his fund of hedge funds firm were from asset managers and private-equity companies, he said.

The firm aims to fetch $200 million to $250 million, according to people familiar with the business.

Scaramucci, a member of President-elect Donald Trump’s transition team, also said that it’s possible that he could work in the White House with Trump’s son-in-law, Jared Kushner, who is expected to become a senior White House adviser. Scaramucci said he’s a "close personal friend" of Kushner.

“I’ve been working very closely with him and Steve Bannon," Scaramucci said. "If something should come to pass, my guess is it would be related to that component of what’s going on in the White House."

The "Mooch," as he’s called by those in the hedge fund industry, has been advising some in Trump’s inner circle on financial regulation including the fiduciary rule, according to a person familiar with the matter. The rule, finalized by the DOL last year, aims to reduce conflicts of interest that brokers may have when selling investments to those with 401(k)s and individual retirement accounts. Scaramucci has suggested that the rule be repealed.

Scaramucci founded SkyBridge, which had $12 billion in assets under management or advisement as of November, according to the firm’s website. He’s also founding partner of an annual conference in Las Vegas, known as SALT, which this year drew almost 2,000 money managers, investors, service providers, journalists and wealthy people for a three-day binge of cocktail parties and golf.

His role in the government would involve advocating for Trump’s agenda at public events and media appearances and serving as a liaison to the business community, the Wall Street Journal reported Tuesday.

Posted by: The Trust Advisor

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