Options, the market leader in infrastructure as a service (IaaS) products for the global capital markets industry, today announced that the Citigroup spinout, Napier Park Global Capital ("Napier Park"), has chosen the firm's Pipe Core and Momentum services as its fund's technology infrastructure.
Napier Park is an independent asset management firm with approximately $6.8 billion under management and more than110 employees in offices in New York and London. The firm manages a diversified product mix, including hedge funds, bespoke client solutions, CLOs and private investing for institutional investors globally.
Napier Park will utilize Options' PIPE Core and Momentum services, key components of the Options' Private Financial Cloud platform. PIPE Core is a complete business technology infrastructure service providing a robust and resilient technology foundation for day-to-day business communication, regulatory compliance and operations management. PIPE Momentum is a fully managed and optimized financial application hosting service for proprietary and vendor applications spanning the front-, middle- and back-office.
"Evolving market conditions have significantly raised the level of operational sophistication that fund managers must demonstrate to both investors and regulators," said Michael Williams, COO at Napier Park Global Capital. "We met with a number of technology firms to outsource this work, and we found that Options was the only one that has the capability to quickly implement a cost-effective, robust and secure technology infrastructure that meets our requirements."
"We're delighted that Napier Park has selected Options to deliver the fund's technology infrastructure," said Options CEO, Nigel Kneafsey. "PIPE Core and Momentum provide a resilient and fully managed solution that offers our clients better performance, increased flexibility, removes the ongoing cost of platform optimization from their balance sheets, and enables them to focus on their core competencies."
Callum Runcie, Head of Buy Side Sales for Options, added: "Adoption of the Options Private Financial Cloud has been increasing greatly over the last few years in both the hedge fund and banking communities. The changing regulatory and market conditions have brought increased scrutiny on internal costs and greater due diligence requirements to the market. Adopters of the private financial cloud are growing, and we are experiencing increased interest from firms that were traditionally managed internally and are now looking to migrate to our platform."