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.
