On February 6, 2013, Citi Capital Advisors announced that certain of its businesses will separate from Citigroup and form a new independent asset management firm, Napier Park Global Capital.
On February 6, 2013, Citi Capital Advisors announced a spinoff of certain of its businesses from Citigroup has been approved by regulatory authorities. Separation is expected to be completed during the first quarter of 2013. After the separation, the spun-off businesses will become part of the new independent asset management firm Napier Park Global Capital. Napier Park will be majority owned by its employees and will offer a diversified line of products, including hedge funds, bespoke client solutions, CLOs, and private investing. The new firm is expected to have approximately $6.8 billion in assets under management at inception. Citi Capital Advisors is a global alternative management platform with approximately $18 billion in assets under management on behalf of institutional and ultra-high-net-worth investors.
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