Napier Park Completes Trading System Migration10.22.2013
Napier Park Global Capital, a global alternative asset management firm with $6.7 billion in assets under management, has completed migration of its trading application infrastructure following its spinoff from Citigroup.
Napier Park, which was formerly Citi’s internal hedge fund, was spun out earlier this year as a result of the Volcker Rule, which bans commercial banks from proprietary trading and owning their own hedge funds.
Sky Road, a managed service provider for customizable trading and risk platforms, was able to successfully migrate Napier Park’s existing trading platforms via its delivery model that blends trading software expertise and daily operational process support.
Facing a short timeframe to meet the Volcker Rule’s 2014 deadline, Napier Park selected Sky Road as the technology partner for both domain expertise and end-to-end management of Napier Park’s existing trading and operational system infrastructure.
To meet these aggressive time constraints, the project tapped into key operational support elements available in Sky Road’s services platform. Working alongside Napier Park’s IT organization, Sky Road’s project team was able to successfully conduct knowledge transfer, transition the platform to Napier Park’s independent data center and take over day to day operational support from the existing IT support team at Citi.
“In light of the rapid delivery requirements, we knew we needed a partner with both the domain expertise and proven track record of managing and developing trading platforms end to end,” said Michael Williams, managing director and chief operating officer at Napier Park. ‘Sky Road was a critical part of the project team that delivered ahead of schedule with zero disruption to our business processes. As Napier Park continues to grow, we are confident that Sky Road will enable us to build upon and streamline our trading and risk platforms to best fulfill our investment objectives and serve our investors.”
“The Volcker Rule presents numerous challenges to institutions that must now transition complex fund operations and workflows into an independent environment in a greatly compressed timeframe. This becomes particularly challenging when considering the diversity and sophistication of firms’ trading strategies,” said John Borse, founder and president of Sky Road. “By offering a turn-key managed service solution that combines technology and operational support, we have a proven solution for institutions facing rapid transition demands, especially the provisional July 2014 Volcker Rule deadline.”
Napier Park is an independent asset management firm with approximately $6.7 billion under management as of July 1, 2013, and more than 110 employees in offices in New York and London. The 100% employee-controlled firm offers a broad range of investment products to select institutional investors. The firm manages a diversified product mix including hedge funds, bespoke client separate accounts, private investments, and CLOs for large, sophisticated institutional investors.
Dalio founded the hedge fund 47 years ago.
Virtual forum enables senior execs to gauge sentiment and benchmark approaches to common challenges.
SkyBridge will use some proceeds to buy $40m in cryptocurrency to hold on its corporate balance sheet.
Assets in global ETFs were $5 trillion larger than assets invested in global hedge funds at the end of Q2.
More everyday tasks can be automated, alternative investment management industry report says.