January 14, 2014 / 4:37 AM / 5 years ago

Citigroup's former COO to join hedge fund spun off from bank

A Citi sign is seen at the Citigroup stall on the floor of the New York Stock Exchange, October 16, 2012. REUTERS/Brendan McDermid

(Reuters) - Citigroup’s C.N. former Chief Operating Officer John Havens has been appointed as non-executive chairman of Napier Park Global Capital LLC, the hedge fund spun out of the bank last year.

The Wall Street Journal first reported the appointment. Napier Park’s spokesman Mickey Mandelbaum confirmed Havens’ appointment and said it would be effective immediately.

Napier Park, which has about $5.5 billion in assets under management, was spun out of Citigroup last year and the bank retains a minority stake in it.

Havens resigned from Citigroup in October 2012 along with Chief Executive Vikram Pandit, after board members led by Chairman Michael O’Neill told Pandit privately that his work was not satisfactory.

Pandit’s departure had followed months of tension with Chairman Michael O’Neill over a range of issues, including Havens’ compensation and role.

Citigroup was not immediately available for comment outside regular U.S. business hours.

Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Supriya Kurane

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