Hedge fund of the year: Napier Park Global Capital

Risk Awards 2015: Credit fund profited from October meltdown

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Jonathan Dorfman (left) and Jim O'Brien, Napier Park Global Capital

October 14, 2014 was a day of misery for many hedge funds. Managers were desperately trying to cut losses and raise cash after a drop in oil prices and a surprise US Treasury rally upended some of the year's biggest hedge fund trades, with the collapse of merger talks between pharmaceuticals firms AbbVie and Shire magnifying the pain for some (Risk December 2014).

As funds sold assets, and losses spread across the industry, Napier Park Global Capital, a New York-based hedge fund specialising in

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