Saturday, 28 November 2015
Last updated 1 day ago
Mar 1 2013 | 11:35am ET
Citigroup's hedge fund business has formally split from the bank to begin life as an independent firm.
Napier Park Global Capital—formerly Citi Capital Advisors—spun-off from its parent today as Citi moves to come into compliance with the Volcker rule, strictly limiting its participation in the hedge fund industry.
Napier Park has $6.8 billion in assets, making it one of the largest hedge fund spin-offs in history. Citi gave a 75% stake in the business to its management and employees, retaining a 25% stake.
The newly-independent firm took pains to emphasize the continuity it represents, noting that it hasn't changed its staff, philosophy or operational infrastructure.
"We will build upon our expertise in credit markets and complex, non-liquid assets to continue to identify unique alpha opportunities for our investors," co-CEO James O'Brien, who leads Napier Park with Jonathan Dorfman, said.
Napier Park opens with about 100 staffers and offices in New York and London. It is named for 16th-century Scottish mathematician John Napier, who discovered logarithms.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…