Citigroup Spinout Napier Park Picks Infrastructure Provider

In the wake of its spinoff from Citigroup as an internal hedge fund unit, Napier Park Global Capital chose Options' infrastructure-as-a service offering as its technology platform.

Napier Park Global Capital, a hedge fund spinoff from Citigroupf, said it chose to outsource its technology infrastructure to service provider Options.

Napier Park, now an independent asset manager, manages approximately $6.8 billion in assets and has more than 110 employees in offices in New York and London. Napier, which specializes in debt investments, manages a diversified product mix, including hedge funds, bespoke client solutions, collateralized loan obligations (CLOs) and private investing for institutional investors globally.

"Evolving market conditions have significantly raised the level of operational sophistication that fund managers must demonstrate to both investors and regulators," commented Michael Williams, COO at Napier Park Global Capital, in the release. "We met with a number of technology firms to outsource this work, and we found that Options was the only one that has the capability to quickly implement a cost-effective, robust and secure technology infrastructure that meets our requirements."

Napier Park will utilize Options' PIPE Core and Momentum Services, which are key components of the Options' Private Financial Cloud platform. PIPE Core provides a day- to-day business, communication, regulatory compliance and operations management. PIPE Momentum is a fully managed financial application hosting services for proprietary and vendor applications spanning front-, middle-and back-office.

Commenting in the same release, Callum Runcie, head of buy side sales for Options, notes that over the past few years, there has been increased adoption of the firm's private financial cloud by hedge funds and banking communities. "The changing regulatory and market conditions have brought increased scrutiny on internal costs and greater due diligence requirements to the market," said Runcie. Options is seeing increased interest from firms that traditionally managed their technology internally and are now looking to migrate to its platform.

Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio