HNA, SkyBridge drop acquisition; Scaramucci to return as partner

HNA Group and SkyBridge Capital have agreed to drop the Chinese conglomerate’s plan to acquire the investment firm. Founder Anthony Scaramucci will return as a co-managing partner.

The New York-based hedge fund and the aviation-to-real estate group plan to explore a relationship to distribute SkyBridge products in China, they said in a statement Monday.  

Both sides agreed that US government approval of the planned acquisition would have taken too long. Scaramucci, the former White House communications director, will focus on strategic planning and marketing for the fund, while the senior management and investment team will remain intact, according to the statement.  

HNA, which