Wednesday, 26 November 2014
Last updated 1 hour ago
May 30 2012 | 1:27pm ET
SkyBridge Capital got its start as a hedge fund seeding operation. Now a major market player, the New York-based firm is walking away from its roots.
SkyBridge plans to liquidate its two seeding funds and focus on its fund of hedge funds business. The firm will continue to manage a third seeding fund it acquired when it bought three of Citigroup's alternative investments business.
Founder Anthony Scaramucci said he chose to pull the plug on SkyBridge I and II because of "mediocre" returns. SkyBridge I is down 5.3% through May of last year; it debuted in 2006, the year after Scaramucci launched the firm.
"We gave people a chance to switch into a better-performing product or get their money back," Scaramucci said. "It was pro-client and well-received."
The two funds will be completely liquidated by April of next year.
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