Trump adviser sells his hedge fund business

Anthony Scaramucci has sold his asset management business ahead of taking a place in the Donald Trump administration.

Speaking at the World Economic Forum in Davos, Switzerland, Scaramucci said he sold his $12 billion SkyBridge Capital hedge fund.

Washington, D.C.-based RON Transatlantic Advisors and HNA Capital of New York bought the firm for undisclosed terms. The asking price was thought to be in the $250 million range.

Scaramucci's role under Trump will be liaison in the White House for state and local governments and for both American and foreign businesses.

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