SkyBridge Capital's Nolte Says Company Sale May Close This MonthBy and
Ray Nolte, chief investment officer at SkyBridge Capital, said the company has one regulatory approval left before its sale is complete.
“We’re down to one that we’re waiting on, we’re hopeful that that will come through in fairly short order and when it does we’ll be able to move to the close,” he said in a video posted on the firm’s website today. “In terms of exact timing it’s hard to put a date specific on it but at this juncture we’d probably be looking at something in September as a targeted closing date.”
SkyBridge agreed in January to sell a majority stake in the fund of hedge funds company to China’s HNA Group Co. and RON Transatlantic. SkyBridge’s plans for the sale were announced as its founder Anthony Scaramucci was poised for a job in the White House, people said at the time. Six months later, Scaramucci was tapped as White House Communications Director, only to be removed from the post ten days later.
“U.S. asset managers obviously stand to benefit from our presence and our brand in Asia, which is a market that’s growing and that’s underpenetrated,” Suren Rana, a managing director at the HNA unit seeking to buy part of SkyBridge. “So we had a very deliberate search and that ultimately resulted in our two investments in SkyBridge and in Old Mutual Asset Management, respectively.”