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

Feb 6 2013 | 2:19pm 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

Q&A: Neil Azous Talks Global Macro Investing

Nov 24 2014 | 12:41pm ET

Neil Azous is the founder and managing member of Rareview Macro, an advisory firm...

Lifestyle

Cohen Buys $101 Million Sculpture

Nov 12 2014 | 9:17am ET

Steven Cohen was the sole bidder for a rare Alberto Giacometti sculpture at Sotheby...

Guest Contributor

Why The Big Money Is Going To Europe

Nov 14 2014 | 6:03am ET

Peer-to-peer lending was invented with the individual investor in mind. But despite...

 

Sponsored Content

    For Hedge Funds, Mastering Data Is Key To Success

    Nov 4 2014 | 9:45am ET

    Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

November 2014 Cover

Building a better market

Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.