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Citigroup to spin out alternative asset management business Napier Park

Alternative asset management platform Citi Capital Advisors has made significant progress towards the separation of certain of its businesses from Citigroup. The new independent asset management firm will be called Napier Park Global Capital. Material regulatory approvals have already been obtained and the investor and counterparty consent process is nearly complete. Once the separation is completed during Q1, Napier Park Global Capital will be majority owned by its employees. Napier Park is expected to have approximately $6.8B of assets under management at inception.