The healthcare sector went on a tear beginning in 2011, thanks in large part to the passage of the Affordable Care Act and its impending implementat
Thursday, 19 January 2017
Last updated 14 hours ago
Jan 14 2014 | 11:50am 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.