Citigroup hedge fund spin-out Napier Park Global Capital has hired infrastructure products provider Options.
Options announced in a statement released Monday that Napier has chosen the infrastructure products provider’s PIPE Core solution, which is a “complete business technology infrastructure service providing a robust and resilient technology foundation for day-to-day business communication, regulatory compliance and operations management.”
Napier is also utilizing Option’s Momentum services, which “is a fully managed and optimized financial application hosting service for proprietary and vendor applications spanning the front-, middle- and back-office.”
eVestment reported earlier this year that in an attempt to comply with the Volcker Rule, which aims to protect the financial system by restricting hedge fund investments by U.S. banks, Citigroup had aimed to spin out its hedge fund unit by transferring its 75% stake to the division’s managers under a plan arranged by former CEO Vikram Pandit. Citigroup will keep the remaining 25% stake.
Founded in 1993, Options started out as a hedge fund technology services provider focused on the London market. Currently, it has additional offices in New York, Hong Kong and Singapore.