Yahoo Finance Scaramucci to bring SALT hedge fund conference to NYC to give city a 'boost'
Hedge fund impresario Anthony Scaramucci, the managing partner of $9.2 billion fund-of-funds SkyBridge Capital, is bringing his famed SALT Conference to New York City in September.
"I thought it was important to bring the conference back at a time where New York could use the boost. We did something very similar in Las Vegas after the global financial crisis," Scaramucci told Yahoo Finance Live exclusively.
SALT, one of the widely-attended hedge fund conferences, first debuted in Las Vegas in 2009, during the depths of the global financial crisis. In the last 11 years, SALT, which is traditionally held at the Bellagio in mid-May, has held ten conferences in Las Vegas and other forums in Abu Dhabi, Singapore, and Tokyo.
The New York City version will take place in-person at the Javits Center from Sept. 13 to 15. SALT's programming will center around alternative investments, bitcoin, fintech, healthcare, infrastructure, and sustainability. The conference will also offer a hybrid format for remote attendees to watch content and network virtually. There will also be outings and entertainment in the city.
While Scaramucci feels optimistic about vaccination rates and testing capabilities to allow for an in-person SALT conference, he told Yahoo Finance that if they feel like they can't hold the event safely, they'll postpone or cancel it.
"We will be very flexible about it," Scaramucci said, noting they'll have ample testing and temperature taking upon entry.
The New York SALT Conference also comes against a backdrop of a narrative of the city's decline and an exodus of some of its wealthiest residents.
"I would say the outlook being very objective is uncertain. You know I'm a New Yorker. I intend on staying in New York, and I have no problem paying New York taxes, but I think that most people in my industry view taxes as a price for services, and the services are terrible," Scaramucci said.
Scaramucci, who spent 11 days as the White House communications director during the Trump Administration and later disavowed the former president, said he didn't want to be "overly critical" of those in public service.
"[But] just take a look at what the city looked like in terms of its economic vital signs and the dashboard of the city, in 2013, I would say this current administration has failed the city, and a result of which people are leaving. Moreover, if you keep increasing taxes, and then you have the additional burden of the SALT — the state and local tax income deduction going away above $10,000 —you've made it almost impossible for a lot of people to think it makes good business sense to be in New York," Scaramucci said.
He later warned that progressive leadership that "do not care about business" could cause New York City to lose its mantle and standing as a "capital of so many things."
"I think it's just unfortunate that we have these strategies in place. If you look at places like San Francisco or New York, progressive left-leaning strategies, with no focus on common-sense business ideas or any way to motivate and support business, are a disaster," Scaramucci said.
Scaramucci, who has an office in Midtown Manhattan and an ownership stake in the Hunt & Fish Club restaurant, said wants to help the city.
"I intend to be here and intend to be here to help try to solve some of these problems ... Somebody has to be very clear-eyed about this. If you're walking through Penn Station and you're stepping over human defecation and homeless people on your way to work, you may be thinking that places like Florida, with no state income tax, is a better strategy for you and your business. So it's really a burden on the city's government, to make sure to improve the quality of life in the city. I would say that's also for the state government as well as the state, super tied into the city. And I'm very sad about it. I think it's tragic. We had the city really humming at the end of Mayor Bloomberg's term."
Julia La Roche is a correspondent for Yahoo Finance. Follow her on Twitter.
