20th Century Bank Names Hedge Fund Giveaway For 16th Century Mathematician

Did you know the name of the guy who discovered the logarithm? Someone at Citigroup did, and he or she decided to rename its soon-to-be-given-away hedge fund unit after him.

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….

The new name was inspired by the 16th-century Scottish mathematician and physicist, John Napier, known for his groundbreaking work on logarithms, Citigroup said.

Citi, of course, has to get rid of Citi Capital Advisors/Napier Park because Paul Volcker is a humorless, mean old bastard. And while some banks in similar positions have sold off their hedge funds or just closed them down entirely, Vikram Pandit (remember him?) came up with a different plan for his buddies at his favorite business unit just before he got his walking papers: He made it (75% of it, anyway) a gift; the employees getting a majority stake in it won’t pay a dime for it.

Citigroup Names $6.8 Billion Fund-Unit Spinout Napier Park

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16 Responses to “20th Century Bank Names Hedge Fund Giveaway For 16th Century Mathematician”

  1. Guest says:

    Well first off he discovered the logarithm, not the algorithm.

    If you're just gonna shazar your pants everytime you post an article I'd recommend just playing in traffic instead.

    -UBS (soon to be) History Quant

  2. Mrs_Slocombe says:

    Christ, logarithm is actually cited as a quote in the post….is he ignorant or just plain fucking stupid?

  3. velvet melvin says:

    "…simply linking to prior published posts in reaction to new events and new opinions would be both bad blogging practice and stultifyingly boring." -the epicurean dealmaker

  4. Guest says:

    Alright c'mon — this post had to have been a joke.

  5. Shazar<x for all x says:

    Algorithm, logarithm. This is the guy who invented the algorithm (probably)ārizmī

  6. guest says:

    I get "Napier", but why "Park"? Did Sir John have a lesser-known Korean collaborator? Or just didn't have the same ring as "Napier Lane"?

  7. guest says:

    Shazar's best hope is that Bess fires him quickly. If he writes many more posts like this, he'll be unhireable by Yahoo Finance or Newsmax.

  8. value: added says:

    Such a bad sense of humor dude

  9. guest says:

    The revised headline is still shazar'd up – apparently he doesn't understand how century numbering works

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  11. Ron Jeremy says:

    what happens to Napier Park when Citi $$ comes out? How much of that $6.8 is Citi? Seems like these ex Morgan Stanley guys are making out pretty well. Are any of the funds any good? I know that two PMs bailed on this spinnout so will that have a longer term impact?