Anthony Scaramucci has informed investors that his organisation’s temporary suspension of restricted money withdrawals is temporary.
Anthony Scaramucci, founder and managing partner of SkyBridge Capital, spoke to CNBC this morning to reassure investors after revealing that one of his firm’s funds will temporarily suspend withdrawals.
This morning, Scaramucci went on CNBC’s Squawk Box to reassure investors after the announcement that one of the funds managed by SkyBridge Capital, the Legion Strategies fund, will halt withdrawals.
Scaramucci said in the interview that Legion Strategies, a Cayman Islands-based entity, controls around $250 million, of which just 18 percent, or approximately $45 million, consists of crypto-related assets. These assets include FTX ownership and exposure to Bitcoin, Ethereum, and Algorand.
These are temporary prohibitions, added Scaramucci, citing SkyBridge’s prior reluctance to stop withdrawals.
Scaramucci indicated the board had chosen to restrict withdrawals partly owing to the difficulties of selling private equities, which now account for about 20 percent of the fund’s portfolio. There has been significant conjecture that the decision is a consequence of the months-long decline in the cryptocurrency market.
As the fund is not leveraged, Scaramucci was careful to assuage worries of liquidation, stressing that there is “zero danger of any asset liquidation.” However, he did not specify a date for the reopening of withdrawals.
Scaramucci started his financial career at Goldman Sachs before leaving in 2005 to establish SkyBridge Capital, a New York City-based global investment business. In July 2017, President Donald Trump ascended to national notoriety after being named White House Communications Director. John Kelly, the chief of staff, pushed for his dismissal after just eleven days in office.
Since leaving the White House, Scaramucci has become an outspoken proponent of cryptocurrencies and blockchain technologies. His business, to which he returned after leaving the White House, even assisted in the formation of GMI PAC, a political action committee designed to influence elections and policy.
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