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Citigroup (NYSE:C): Current price $42.46
Worldwide alternative asset management platform, Citi Capital Advisors, reports that significant progress has been made towards separating certain of its units from Citigroup, which will create a new independent asset management company to be called Napier Park Global Capital. Already, connected regulatory approvals have been obtained and the investor and counterparty consent process is almost finished. Upon completion during the first quarter, Napier Park Global Capital will be majority owned by its employees and offer a diversified product mix such as hedge funds, bespoke client solutions, CLOs and private investing. The company should have roughly $6.8 billion worth of assets under management at its inception.
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