Anthony Scaramucci, soon to be adviser to the president-elect and a big player in the hedge fund business, has sold the controlling stake in his asset management firm SkyBridge Capital to China's HNA Group and investment partner RON Transatlantic EG.

The deal values the firm at roughly $200M and allows HNA Group to tap further into the global asset management business, the Wall Street Journal reports. Scaramucci announced the sale during his speech at the World Economic Forum in Davos, Switzerland, Tuesday, though at the time he had yet to divulge further details about the buyer or sales price.

Bids started flowing in for the fund, which managed $12B in assets as of November, early this month. To avoid conflict of issue concerns, Scaramucci (above) — also a close friend of Donald Trump’s son-in-law, Jared Kushner — sold his firm to serve in the White House. Scaramucci told Bloomberg he will be a liaison between the White House and the business community, working alongside both domestic and foreign governments and trade associations. [WSJ]