SkyBridge Capital (SkyBridge), a leading global alternative investment firm, and Viathon Capital LP (Viathon), a New Jersey-based global investment management firm, jointly announced that SkyBridge has committed to make a strategic investment in Viathon’s Whitewater fund.
Whitewater is a credit opportunity fund focused on liquid debt instruments of US and European corporate issuers. The portfolio consists primarily of single-name loans and bonds selected through a fundamental credit research and corporate finance investment process.
SkyBridge Capital’s investment is being made from its SkyBridge Capital II Fund. In addition to providing Whitewater with long-term strategic capital, SkyBridge will seek to enhance its investment by providing business-building support. SkyBridge Capital currently has approximately $7.4 billion under management and advisory.
Deal Positions Firm as a Leading Global Alternative Asset Manager with $7.4 Billion in Assets Under Management and Advisory
SkyBridge Capital (SkyBridge) today announced it has completed its acquisition of the fund of hedge funds, hedge fund seeding and hedge fund advisory businesses from Citi Alternative Investments LLC (CAI). The deal positions SkyBridge as one of the leading global alternative asset managers with a total of $7.4 billion in assets under management and advisory and solidifies the firm as a global leader in hedge fund incubation. Terms of the transaction were not disclosed.
With completion of this transaction, SkyBridge now offers investment services across four business lines addressing every type of market participant from individual retail investors to large institutions. These business lines are: Commingled Funds of Funds Products; Custom Portfolios; Hedge Fund Seeding and Hedge Fund Advisory Services. Raymond Nolte, who has led the hedge fund group at CAI since 2005, joins SkyBridge as a managing partner and chief investment officer. He brings with him a team of more than 20 professionals.
“We are excited to announce completion of this deal and to welcome the new team members to SkyBridge,” said Anthony Scaramucci, founder of SkyBridge Capital. “Our comprehensive suite of investment offerings, backed by an experienced, hands-on global team and thoughtful and thorough approach to risk management, offers great opportunity to a diverse set of investors.”
James Greenberg, founder of Sandton Partners, LLC, a New York-based advisory firm, acted as the exclusive financial advisor to SkyBridge on the acquisition. "The combined SkyBridge/Citi Alternative Investments business led by Scaramucci, Prince and Nolte, is uniquely positioned to serve as one of the most scalable global alternative platforms."
SkyBridge Capital, a leading global alternative investment firm, was named Hedge Fund Seeder Firm of the Year at the 8th Annual Hedge Fund Industry Awards, hosted by Institutional Investor magazine.
Winners were named in 18 different categories at the 2010 awards dinner at the Mandarin Oriental Hotel in New York City. SkyBridge Co-Managing Partners Anthony Scaramucci and Scott Prince were in attendance to accept the award on behalf of the firm.
“We are honored to accept this award on behalf of SkyBridge Capital and its employees,” Scaramucci said. “For the past five years we have remained focused on our vision for the industry and have applied a unique, hands-on approach to spotting the best emerging talent. This recognition is a testament to that effort.”
The Institutional Investor Hedge Fund Industry Awards recognize the hedge funds, hedge funds of funds, seeder firms, investment consultants, endowments, foundations, family offices, corporate funds and public funds who stood out for their innovation, achievements and contributions to the industry in 2009.
SkyBridge Capital, a leading global alternative investment firm that will have USD 5.6 billion in assets under management after the closing on the recent agreement to acquire the fund of hedge funds, hedge fund seeding and hedge fund advisory businesses from Citi Alternative Investments (“CAI”), today announces the launch of a new office in Zürich.
SkyBridge Capital AG, incorporated as a subsidiary of parent company SkyBridge Capital, a global leader in hedge fund incubation, will base its European operations in Zürich, reinforcing the emerging trend of global financial institutions having a presence in Switzerland.
SkyBridge Capital AG will build on SkyBridge Capital’s strong position in the US and existing partnership with Challenger, an Australian financial services organization with AUD 45 billion (USD 43 billion) of assets under management, which currently supports SkyBridge Capital in penetrating new markets in Australasia, Europe and Japan.
The strategic decision to build its international presence from Europe comes at a time where a confluence of economic and industry factors enhances the attractiveness of investing in emerging hedge funds. In the wake of today’s market dislocations and scarcity of capital, SkyBridge Capital is seeing a wave of seasoned, successful traders and fund managers from established hedge funds and big banks setting out on their own to take advantage of the myriad of opportunities created by the recent economic dislocations.
To take advantage of these opportunities, SkyBridge Capital AG and SkyBridge Capital are launching a Luxembourg SICAV-SIF, SkyBridge Capital III, for European, Middle Eastern, Asian, Australian, and Latin American investors.
SkyBridge Capital currently has strategic investments in seven funds and in aggregate, with its underlying managers, currently has approximately USD 1.4 billion under management. It is led by a team of industry-leading professionals each with complementary skills and experiences. Unlike a hedge fund of funds which provides only one source of revenue, SkyBridge Capital adds value to investors through its funds by offering three sources of potential returns from seeded managers; performance, ownership stake, and potential sale of underlying managers.
Thomas John Gallagher, Chairman of SkyBridge Capital AG, said: “There is strong market demand in Europe for our activities, boosted by the agreement to acquire CAI, and Zürich represents an ideal location. It offers a perfect combination of large numbers of HNW Individuals, Family Offices, Private Banks and institutions providing new capital for seeding hedge funds together with a base to source talented emerging hedge fund managers.”
The headquarters for SkyBridge Capital AG are located in the centre of Zürich at Limmatquai 112 – 5th Floor, CH-8001. The board comprises Thomas Gallagher, Chairman; Scott Prince, Managing Partner and Anthony Scaramucci, Managing Partner.
Transaction to Transform the Five Year-Old Firm to One of the Leading Alternative Asset Managers in the World
SkyBridge Capital (SkyBridge) today announced it has entered into a definitive agreement to acquire the fund of hedge funds, hedge fund seeding and hedge fund advisory businesses from Citi Alternative Investments, LLC (CAI), with total investments under management and advisory of $4.2 billion. The transaction will position SkyBridge as one of the leading global alternative asset managers with a total of $5.6 billion in assets under management and advisory and solidifies the firm as a global leader in hedge fund incubation. Terms of the transaction were not disclosed.
These businesses are part of Citi Holdings, the segment which contains Citi’s non-core assets and businesses. This sale is consistent with Citi’s strategy to reduce non-core assets, tightly manage risks and optimize the value of assets in Citi Holdings, while working to generate long-term profitability and growth from Citicorp, which comprises the company’s core businesses. Raymond Nolte, who has led these businesses at CAI since 2005, will join SkyBridge as a managing partner and chief investment officer. He brings a team of more than 20 professionals.
“It has been our belief for several years that the integration of a fund of hedge funds business is a natural fit with the SkyBridge platform, and this deal is a result of our long-term strategy to acquire assets that maximize value for investors,” said Anthony Scaramucci, managing partner of SkyBridge Capital. “Citi’s proven investment capabilities and comprehensive suite of fund of funds products combined with our entrepreneurial culture, marketing, risk management and operational expertise creates an entity with significant growth potential.”
Under Mr. Nolte’s leadership, these businesses experienced a strong track record for delivering superior risk adjusted returns to its stable client base. Before joining CAI, he served for more than two decades in various positions at Bankers Trust and its successor Deutsche Bank.
“I am excited to be teaming up with Anthony and his co-managing partner Scott Prince,” said Mr. Nolte. “With the combined business, we can leverage the firm’s established relationships with hedge fund allocators globally to deliver a highly-diversified alternative product offering.”
Sandton Partners, LLC, a New York-based advisory firm, acted as the exclusive financial advisor to SkyBridge on the acquisition. The firm was founded by James Greenberg, who has more than 15 years of experience in providing strategic advice to investment managers globally.
Leading Alternative Investment Manager to Share Views on How to Start a Hedge Fund
SkyBridge Capital, a leading global alternative investment firm that provides developmental capital to hedge fund managers and other types of asset manager businesses, today announced that Managing Partner Anthony Scaramucci will participate on a panel kicking off Bloomberg’s 2010 Hedge Fund Environment Conference in New York on Wednesday, April 14.
The New York conference is the first in a series of road show events across the country and will focus on the existing hedge fund environment and how to raise capital to start a fund. Scaramucci will participate in two panels moderated by Kathleen Hays, host of “The Hays Advantage” a daily show on Bloomberg radio. The panels, “Check List for New Launches” and “Existing 2010 Hedge Fund Environment,” will also feature panelists from Bloomberg, accounting firm Rothstein Kass and law firm Sadis Goldberg.
“This is an excellent forum to discuss the key topics and issues that are vital to current and future growth of the industry,” said Mr. Scaramucci. “I look forward to sharing my thoughts on the state of the industry and drawing on my experiences to present best practices for launching a new fund.”
The April 14 Conference kicks off at Bloomberg’s New York Headquarters, and is the first of three subsequent events in Chicago on April 22, Dallas on April 27 and Los Angeles on April 29. The conferences aim to unite influential managers, investors, capital allocators and other market participants in major markets to elevate the visibility of the industry and facilitate thoughtful and open discussion.
To register for the Bloomberg 2010 Hedge Fund Environment Conference, please call Jeffrey Volpi at (212) 617-3766 or email BBAIM@bloomberg.net.
Mr. Scaramucci will also deliver the Chairman’s Address at SkyBridge’s 2010 SALT Conference, which will take place at the Bellagio in Las Vegas May 19-21. For more information on SALT or to register, please visit the SALT website at www.saltconference.com.
SkyBridge Capital, a leading global alternative investment firm, today announced that President Bill Clinton will deliver the keynote address at its Second Annual SkyBridge Alternatives (SALT) Conference on May 19 to 21, 2010, in Las Vegas.
The conference, where attendance reached more than 500 invite-only participants last year, convenes public policy officials, capital allocators and managers to discuss the government’s role in the financial markets, allocation trends, the importance of risk management and the changing regulatory landscape.
Other notable speakers this year include Mitt Romney, former governor of Massachusetts; Nouriel Roubini, economics professor and chairman of Roubini Global Economics; Jeremy Siegel, the Russell E. Palmer Professor of Finance at the University of Pennsylvania’s Wharton School of Business; and Michael Milken, chairman of the Milken Institute.
“As we navigate an ever-changing and volatile global economy, SALT will bring together the world’s leading investors, asset managers and public policy officials to discuss investment strategies within the context of a changing economic environment,” said Anthony Scaramucci, managing partner of SkyBridge Capital. “It is an honor to have President Bill Clinton serve as the keynote and we look forward to tackling the critical issues and sharing breakthrough ideas that are affecting the investment community.”
For more information regarding registration or sponsorship and speaking opportunities please visit the SALT 2010 website at www.saltconference.com.
SkyBridge Capital, a leading global investment firm, announced today that managing partner Anthony Scaramucci will be featured on a panel at the 2010 World Economic Forum Annual Meeting on January 27.
The panel, “The Economics of Happiness,” will explore how happiness should be measured from the perspective of economics. Joining Scaramucci on the panel will be IHS Global Insight chief economist Nariman Behravesh and Joseph E. Stiglitz, Columbia University professor of economics, among others.
Scaramucci and the other panelists will explore The Easterlin Paradox – the idea that happiness at a national level does not increase with wealth once basic needs are fulfilled. This has been challenged by recent studies positing that absolute income tends to bring happiness, even if it does not guarantee it.
Scaramucci, a financial services entrepreneur with 20 years of experience in the asset management industry, explores this idea at length in his upcoming business memoir, “Goodbye Gordon Gekko: How to Make Your Fortune Without Losing Your Soul” scheduled for release in April 2010.
“Given the widespread economic and psychological struggle the recession has caused in the last few years, it is an honor to be able to explore the concept of the economics of happiness with such revered thinkers,” Scaramucci said.
The panel is scheduled for the first day of the Annual Meeting, which will be held in Davos-Klosters, Switzerland January 27-31.