SkyBridge Capital is thrilled to be partnering with a world class organization like HNA. They are the right partner at the right time for SkyBridge and more importantly for our clients. HNA shares our ambitions and vision for SkyBridge to create an industry leading platform offering alternative investment products to our clients. This shared vision was a key component in SkyBridge’s decision to enter into this transaction and we continue to look forward to the partnership.
SkyBridge’s Founder, Anthony Scaramucci, stepped away from the firm following the announcement of the transaction this past January. Because he played no role in the investment side of the business, there were no changes to the investment team, process, or overall management at the firm upon his departure. We expect no further changes upon completion of the deal. The day to day management of the company for many years has been led by a seasoned group of professionals that have done a terrific job of building a world class franchise. Moreover, led by highly respected industry veterans Ray Nolte and Troy Gayeski, our investment team is widely recognized as one of the best in the industry and has generated attractive risk adjusted returns over the last decade. We take our responsibility to our clients very seriously and we remain laser focused on continuing to execute on behalf of our clients.
Finally, we look forward to closing the transaction with HNA. Recent developments with Anthony Scaramucci and his role within the administration have no impact on our business and/or the transaction with HNA. The transaction is awaiting final regulatory sign-off—all other conditions for close have been met, including the successful completion of the proxy vote to secure client approval. Unfortunately, the approval process is more protracted than anyone involved would have preferred, however we have been in close contact with the appropriate authorities and continue to try to expedite the process. We are hopeful that they can conclude their process in the next 45 days or so. As we receive additional information we will of course keep you posted.
“HNA is committed to closing the transaction with SkyBridge as soon as possible. In partnership with what we consider to be a first-class management team, we look forward to helping the team continue on what has been an impressive growth trajectory. When we look at the current market environment, we could not be more excited about the opportunity set and our investment in SkyBridge.” – Guang Yang – CEO HNA Capital International.
HNA Capital U.S. is the New York-based subsidiary of HNA Capital, the financial services unit of HNA Group, a Fortune Global 500 company focused on Tourism, Logistics and Financial Services. A full service financial solutions provider, HNA Capital includes a diverse set of global businesses in equipment leasing, insurance, investment banking, securities and credit services. Since its founding in 1993, HNA Group has evolved from a regional airline based on Hainan Island in southern China into a global company with approximately $145 billion of assets, over $90 billion in annual revenues, and an international workforce of 410,000 employees, primarily across America, Europe and Asia. For more information, please visit www.hnagroup.com.
A copy of the Update in PDF form can be found here.