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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Comments (16)

  1. Posted by Guest | February 6, 2013 at 6:38 PM

    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. Posted by Mrs_Slocombe | February 6, 2013 at 7:10 PM

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

  3. Posted by velvet melvin | February 6, 2013 at 7:11 PM

    wow.
    "…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. Posted by quant me maybe... | February 6, 2013 at 7:18 PM
  5. Posted by Quant me maybe... | February 6, 2013 at 7:19 PM
  6. Posted by guest | February 6, 2013 at 7:25 PM

    HAHAHAHA

  7. Posted by Guest | February 7, 2013 at 1:24 AM

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

  8. Posted by PermaGuestII | February 7, 2013 at 10:22 AM

    We need to get a movement going to stop him from hanging up his cleats.

  9. Posted by Shazar<x for all x | February 7, 2013 at 11:08 AM

    Algorithm, logarithm. This is the guy who invented the algorithm (probably) https://en.wikipedia.org/wiki/Al-Khwārizmī

  10. Posted by guest | February 7, 2013 at 11:51 AM

    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"?

  11. Posted by guest | February 7, 2013 at 12:34 PM

    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.

  12. Posted by value: added | February 7, 2013 at 2:21 PM

    Such a bad sense of humor dude

  13. Posted by guest | February 7, 2013 at 5:11 PM

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

  14. Posted by Christina Basdeo | February 10, 2013 at 8:56 PM

    Hedge fund managers, traders and quants get together every second Tuesday at a networking reception organized by Golden Networking every second Tuesday in New York City. More information at http://www.HFHappyHour.com.

  15. Posted by Ron Jeremy | February 13, 2013 at 11:34 AM

    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?

  16. Posted by Lex | February 13, 2013 at 11:37 AM

    Or is it being named after John Napier's descendant Jack…. see if you can catch that reference.