Citigroup hedge fund spin-out Napier Park Global Capital announced Monday that it has expanded its operations to Dubai.
Headed by managing director Saad Ashraf, Napier Park is opening an office at the Dubai International Financial Centre after receiving official approval last week. Napier Park currently has locations in New York and London.
Napier Park co-managing partner Jim O’Brien explained in the statement that expanding the firm’s “asset management business into the UAE is an important next step to growing [Napier Park’s] global platform.
eVestment reported earlier this year Napier Park was spun out of Citigroup in an effort for the bank to comply with the Volcker Rule, which aims to protect the financial system by restricting hedge fund investments by U.S. banks.
Napier Park currently manages approximately $6.7 billion in assets.