Napier Park exploiting Volcker opportunities

With a strategy that profits from pricing anomalies in credit derivatives, six years after its founders were persuaded to set up shop in Citigroup, Napier Park Global Capital has finally emerged as an independent, employee-owned hedge fund, writes Kris Devasabai

Jim O’Brien (left) and Jonathan Dorfman

For one of his most famous stunts, Harry Houdini was shackled in chains, stuffed in a crate and thrown into New York’s East River. He escaped in less than three minutes, to the surprise of the thousands that gathered to watch.

That was pretty much the situation in which Jim O’Brien and Jonathan Dorfman found themselves in 2010.

Bankers tend to complain that regulators have put them in a straitjacket in an effort to prevent another financial catastrophe. But for bank-owned hedge funds –

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