Citi Hedge Fund Unit Renamed Napier Park In Advance Of Spin-Off

Feb 6 2013 | 3:19pm ET

Citigroup has renamed an internal hedge fund business as it prepares to spin it off to comply with the Volcker rule.

The bank has redubbed Citi Capital Advisors Napier Park Global Management. The name refers to a 16th century Scottish mathematician, John Napier, who discovered logarithms.

Citi said last year that it would spin off CCA, giving a 75% stake in the unit to its management and employees. Citi will retain a 25% stake in the business.

"We are very pleased with the progress we have made as we prepare to officially launch Napier Park as an independent asset-management firm in the coming months," CCA co-head James O'Brien said. "The support of our investors has been overwhelmingly positive and we are grateful for their partnership."

Citi has already won regulatory approval for the move, mandated by the Volcker Rule's strict limits on banks' participation in the hedge fund industry, and is nearly finished gaining the assent of investors and counterparties, it said.

Once the spinout is complete, the unit soon to be known as Napier is expected to have $6.8 billion in assets under management.


In Depth

PAAMCO: Will Inflation Deflate the Asset Bubble?

Jan 30 2018 | 9:49pm ET

As the U.S. shifts from monetary stimulus to fiscal stimulus, market pricing should...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Boost Hedge Fund Marketing ROI By Raising Your ROO

Feb 14 2018 | 9:57pm ET

Tasked with delivering returns on client capital, a common dilemma for many alternative...