James O'Brien News
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For a pair of former Citigroup Inc. hedge-fund managers, Napier Park Global Capital may turn into a multimillion-dollar payday thanks to the Volcker rule.
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Vikram Pandit knows one way to make big money in hedge funds: sell them.
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Among Vikram Pandit’s last jobs as Citigroup Inc.’s chief executive officer was to decide the fate of the bank’s hedge-fund unit, which employs some of his oldest colleagues. He agreed to give them most of it for free.
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Ashland Inc. , the maker of Valvoline motor oil, agreed to buy closely held International Specialty Products Inc. for $3.2 billion to tap demand for higher-margin ingredients used in personal-care products and pharmaceuticals.
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Ex-Massachusetts Treasurer Timothy Cahill, whose trial on charges of fraud ended in December when the jury failed to reach a unanimous verdict, won’t be re-tried.
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Ashland Inc. , the maker of Valvoline motor oil, gained the most in 17 months in New York trading after the company agreed to sell its low-margin chemical distribution unit to TPG Capital for $930 million.
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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.
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Citigroup Inc. agreed to move a stable of internal hedge funds to an entity controlled by bank managers in a deal reached before the firm’s top two executives, Vikram Pandit and John Havens, left this week.
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Citigroup Inc., the third-biggest U.S. bank by assets, will let managers of its hedge funds own part of the business ahead of rules that limit shareholders’ cash in the unit, Chief Operating Officer John Havens said.
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Citigroup Inc., the third-biggest U.S. bank by assets, will let managers of its hedge funds own part of the business ahead of rules that limit shareholders’ cash in the unit, Chief Operating Officer John Havens said.
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