Citigroup Names $6.8 Billion Fund-Unit Spinout Napier Park

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Citigroup Inc., the third-biggest U.S. bank, renamed an internal hedge-fund unit Napier Park Global Capital as it spins out the business with about $6.8 billion in holdings under management.

Regulators have granted key approvals for the move, and the firm is almost done gathering consent from investors and counterparties, the New York-based lender said today in a statement. The business will contain hedge funds that have been managed by the bank’s Citi Capital Advisors unit.