Anthony Scaramucci's investment firm slumps 22% amid coronavirus rout, report says

• Anthony Scaramucci's firm, SkyBridge Capital, is down 21.9% this year through March, The Wall Street Journal reported Monday.
• The firm's flagship fund lost 22.5% in March when the coronavirus pandemic roiled markets, especially credit investments.
• Scaramucci, also called "The Mooch," gained fame outside of the hedge fund industry in 2017 when he served as the White House's director of communications for 10 days.
• Read more on Business Insider.

SkyBridge Capital, the investment firm founded by Anthony Scaramucci, slumped in March as the coronavirus pandemic roiled global markets.

The firm's flagship fund sank 22.5% in March, bringing its year-to-date losses to 21.9%, The Wall Street Journal reported Monday, citing an investor document. The fund was weighed down in March by big bets on debt investments, according to the report. SkyBridge invests in hedge funds instead of individual assets.

Now, several of the funds that SkyBridge invested in have blocked clients from withdrawing money amid the losses, according to the report.

SkyBridge had been betting on hedge funds that invest in structured credit - things such as mortgages, credit cards, and corporate loans - since 2016, according to The Journal. In February, the group's main product, Series G, had invested nearly $5 billion in hedge funds and was up for the year, The Journal reported.

Read more: Terri Spath's funds kept client money safe during the coronavirus rout, financial crisis, and tech bubble. Here's how she's done it and how she's already prepared to make big profits in the aftermath.

But that took a turn in March, when the coronavirus pandemic whipped global markets. Credit-related investments were hit particularly hard as investors worried that the crisis would hurt consumers and other borrowers.

Debt markets have rebounded some in recent days, which could help SkyBridge, according to The Journal. Still, Scaramucci and the group face pressure going forward.

Scaramucci, also called "The Mooch," gained fame outside of the hedge fund industry in 2017 when he briefly served as the White House's director of communications. President Donald Trump removed him from the position after 10 days. The removal came shortly after a New Yorker article in which Scaramucci bashed other top White House staffers was published.

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