Ex-Citi Pres. Named Chairman Of Ex-Citi Hedge Fund

Jan 14 2014 | 12:50pm ET

Former Citigroup President John Havens has his old job back.

Havens was named non-executive chairman and a partner at Napier Park Global Capital, which spun off from Citi last year. Havens led New York-based Napier Park—then known as Citi Capital Advisors—as CEO of Citi Alternative Investments, prior to his appointment as Citi's president in 2011.

A year later, he and Citi CEO Vikram Pandit—who had led Citi AI prior to his promotion to CEO in 2008—were fired, but not before they oversaw Napier Park's planned spin-out, which gave its top managers, Jonathan Dorfman and James O'Brien, a 75% stake in the unit for free.

Citi continues to hold a non-voting minority stake in Napier Park, which has $5.6 billion in assets.

Havens and Pandit, both former Morgan Stanley executives, co-founded hedge fund Old Lane Partners after leaving that bank. They sold it to Citi in 2007, where it became part of Citi AI until it was shuttered in 2008.


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