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Citi officially launches independent fund-unit Napier Park Global Capital

Napier Park Global Capital, an alternative asset management firm, has established its independent existence out of Citigroup, as part of a strategy to expand its assets management operations.

Without changing people, investment philosophy and operational infrastructure, the firm will remain developing modern investment services for its clients, the company said in a statement.

Napier Park Global Capital co-CEO Jim O’Brien said, "We will build upon our expertise in credit markets and complex, non-liquid assets to continue to identify unique alpha opportunities for our investors."

The alternative asset management company owns nearly $6.8bn in assets under management, and employs 100 staff in offices in New York and London.

Following completion of the spun out process, Napier Park Global Capital has become majority-owned by its employees and has a diverse product assortment, such as hedge funds, single investor accounts, CLOs and private investing.

Further terms of the transaction have not been disclosed, however Citigroup will be a minority shareholder in Napier Park Global Capital, as part of the agreement.