Citigroup Renames Fund Unit Napier Park

Northern, WI 02/07/2013 (wallstreetpr) – A hedge-fund unit of Citigroup Inc.(NYSE:C) has been renamed as Napier Park Global Capital. The fund-unit is estimated to have about $6.8 billion in holdings. Citigroup Inc. (NYSE:C)’s investors and concerned parties including regulators have given the consent to go ahead with the move.

Vikram Pandit, former CEO laid the initiative for spinning out such internal hedge fund-units. Managers will receive about 75% of the fund-unit without any cost, say sources. James O’Brien, co-head of the CCA said, his team was overjoyed at the “progress” as it prepared for the official launch of Napier Park as an independent asset-management concern. “We have received an awe-inspiring positive support from all our investors and we are thankful for their support and partnership” he added.

While Citigroup Inc.(NYSE:C) will retain around 25% of the fund, employees and fund managers will receive around 50% of the fund. The CCA head and co-head will get 25% shared equally between them.

The hedge funds bet on asset and mortgage-backed securities, bonds issued by the local government, debts of companies and risky European loans.

Collateralize-loan obligations account for $2.4 billion of the Napier Park unit. They are responsible for converting high-risk loans capable of high yield into securities.

Citigroup Inc.(NYSE:C) shares were decreased by 0.91% and currently trading at $42.66

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Published by Donna Fago

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