Alternative Asset Management Spinout from Citigroup to Be Named Napier Park Global Capital
Napier Park Global Capital Expected to Have Approximately $6.8 Billion of AUM
Material Regulatory Approvals Obtained and Separation from Citi (C) is Expected During the First Quarter of 2013
NEW YORK--(BUSINESS WIRE)-- Citi Capital Advisors (CCA), a global alternative asset management platform, announced today that significant progress has been made towards the separation of certain of its businesses from Citigroup . The new independent asset management firm will be called Napier Park Global Capital (Napier Park).
Material regulatory approvals have already been obtained and the investor and counterparty consent process is nearly complete. Once the separation is completed during the first quarter of 2013, Napier Park Global Capital will be majority owned by its employees and have a diversified product mix including hedge funds, bespoke client solutions, CLOs and private investing. Napier Park is expected to have approximately $6.8 billion of assets under management at inception.
The name, Napier Park Global Capital, was inspired by the 16th century Scottish mathematician and physicist, John Napier, who was best known for originating the concept of logarithms as a way to simplify large, complex calculations.
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. The support of our investors has been overwhelmingly positive and we are grateful for their partnership. Our goal is to continue to innovate and perform for them as we move forward, said CCA co-CEO Jim OBrien.
Separately, the firm is being appointed the portfolio manager of a $415 million collateralized loan obligation (CLO) fund scheduled to close this quarter. The CLO platform, currently $2.4 billion AUM, and the credit/loan strategies will continue to be a key investment center at Napier Park after the separation from Citi is completed.
Additionally, it was announced that the European Credit Opportunities Fund was named Credit Manager of the Year by EuroHedge for achieving the best risk-adjusted performance in its category. The award was presented on January 24, 2013 during a hedge fund industry dinner and awards ceremony held at London's Grosvenor House Hotel. Finally, the recent returns of the firms Mortgage Credit Opportunities Fund have qualified it to be ranked 19th among Bloombergs Top 50 Mid-Sized Hedge Funds and Absolute Returns Top 10 Mortgage Funds.
About Citi Capital Advisors
Citi Capital Advisors (CCA) is a global alternative management platform that offers a broad range of innovative strategies and products to select institutional and ultra-high-net-worth investors. CCA manages approximately $18 billion in assets across more than 25 funds/managed accounts and three businesses: Market Strategies, Private Equity and Infrastructure. For more information, please visit http:www.citicapitaladvisors.com.
Mickey Mandelbaum or Maya Pogoda
Source: Citi Capital AdvisorsCopyright Business Wire 2013