After White House Stint and a Failed Deal, Anthony Scaramucci Is Back Where He Started

May 1, 2018, 11:01 AM UTC

Anthony Scaramucci is headed back to Wall Street.

The one-time White House communications director plans to return as co-managing partner of SkyBridge Capital, the network of hedge funds he had founded in 2005.

Scaramucci had reached a deal to sell his ownership to Chinese conglomerate HNA Group at the start of 2017, and resigned from SkyBridge in order to get a job at the White House—a role which he famously only held for 10 days.

But more than a year later, the Committee on Foreign Investment in the U.S. (CFIUS), the inter-agency government committee responsible for approving sales of U.S. businesses to foreign entities, has continued to delay approval. SkyBridge and HNA Group announced in a press release Monday that the latter has decided to drop its bid due to ongoing delays. Scaramucci therefore will return to the business, focusing on strategic planning and marketing, according to Bloomberg.

Despite dropping the deal, the two companies nevertheless plan to look into a partnership in which HNA could distribute SkyBridge’s products in China.