Thursday, 2 October 2014
Last updated 23 min 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...