Scaramucci’s SkyBridge Faces Massive Investor Exodus From Flagship Fund Amid Market DownturnSkyBridge’s investors are demanding to withdraw their assets from the firm’s flagship fund due to the bear market, according to reports.
Anthony Scaramucci’s investment firm, SkyBridge Capital, is currently facing an exodus of investors amid the current market downturn.by The New York Times, investors who had positions in SkyBridge’s flagship fund, the SkyBridge Multi-Adviser Hedge Fund Portfolios, are clamoring to get their funds back.As of March 2022, the fund held more than $2 billion in assets under management .
Per the report, investors are demanding to withdraw about half of the assets in the funds as of last month, which currently amounts to $890 million. But a slew of SkyBridge investors will be unable to withdraw their money. The report noted that the Multi-Adviser fund initially gave investors four windows to withdraw their assets each year. However, SkyBridge reduced them to twice a year in 2020, following the market crash induced by the COVID pandemic. Notably, SkyBridge caps the total withdrawals during each window.In a letter sent to investors earlier this month, the firm noted that its current redemption window had been oversubscribed; thus, they would collectively receive only 16% of the amount they demanded.
Still, the SkyBridge founder pointed out that he cannot accurately predict market movements. “I am not smart enough to time the market. But we’ve done a tremendous amount of research, and we think anyone who has will see that blockchain technology is good and is the future,” he said.
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Fonte: TheBlock__ - 🏆 464. / 53 Consulte Mais informação »
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