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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.