Friday, 29 July 2016
Last updated 11 hours ago
Oct 17 2012 | 10:00am ET
New York-based SkyBridge Capital is bullish on Asia.
Anthony Scaramucci, managing partner of the $6.7 billion hedge fund of funds, told Bloomberg his firm wants to allocate 30% of its total capital to Asia-based managers over the next 10 years—it currently allocates $250 million.
Scaramucci made the comments on the eve of the Asian version of the SkyBridge Alternatives Conference, which gets underway in Singapore on Wednesday.
“The future of global growth resides here in Asia,” said Scaramucci. “We like being early and we like going first. We’re here to establish bigger, broader relationships.”
The Singapore SALT conference will feature speakers including Al Gore, Tony Blair and junk-bond king Michael Milken. More than 1,000 people from 36 countries are expected to attend the three-day conference.
Scaramucci announced in July he was looking to raise up to $500 million for an Asia-focused fund and to open an office in Singapore.
“The world is suffering temporarily from the aftermath of the global financial crisis, but, like with every cycle, we are going to hit a dramatic cycle up period for the world and I think a lot of the growth will be driven out of this region,” Scaramucci said. “In three years, I’d like to be sitting here in this lobby and we’re talking about a renaissance in the hedge-fund community in Asia based on better growth prospects.”