Well, Napier Park Global Capital's Jon Dorfman and Jim O'Brien think they have figured it out: an office, a lofty-sounding title, a paycheck, a part-time job and a hefty measure of vindication.
John Havens, once the No. 2 executive at Citigroup Inc., is coming out of retirement to become chairman of a hedge-fund firm he oversaw when it was part of the bank.
Mr. Havens, 57 years old, will help Napier Park Global Capital LLC, which manages $5.6 billion in credit assets, court investors. He will work three days a week from the firm's Manhattan headquarters.
"Most people think I just disappeared off the face of the Earth," Mr. Havens said in an interview. "But an old guy every once in a while has an idea…."
Citigroup no longer will have firm money invested in Napier Park by the end of June, though it will maintain its minority ownership stake, according to people familiar with the firm.
A Citigroup spokeswoman said, "As investors in this company, we certainly wish John and the team at Napier Park continued success."