SkyBridge Flagship Hit by $1.6 Billion Outflow Last Fiscal Year
- Investment losses preceded first net redemptions in a decade
- Fund-of-funds fee among highest at firm founded by Scaramucci
SkyBridge Flagship Sees Jump in Client Redemptions
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SkyBridge Capital disclosed that client redemptions jumped at its flagship investment fund during the most recent fiscal year, further reducing the firm’s assets on the eve of its sale to a Chinese conglomerate.
Investors pulled a net $1.6 billion from SkyBridge Multi-Adviser Hedge Fund Portfolios in the year ended March 31, according to a filing this month with the U.S. Securities and Exchange Commission. It marks the first time in a decade that outflows for a fiscal year exceeded inflows at the $5.4 billion fund, created as a vehicle for the mass affluent to invest with star managers otherwise beyond their reach.