It was a teary goodbye today, as Citigroup bade farewell to its internal hedge fund unit, Citi Capital Advisors, redubbed Napier Park Global Capital. And why wouldn’t parting be such sweet sorrow for the men and women who Citi literally gave the business away to, gratis?

“Citi has been a terrific parent and partner to us,” Mr. O’Brien told DealBook in an interview….

The talks between Napier Park and Citi went largely smoothly and amicably, he added, and required enormous amounts of paperwork.

Though the process was mostly drama-free, Mr. O’Brien acknowledged that he breathed a sigh of relief and gratitude when substantially all of the business’ investors agreed to the spinoff. He had guessed that perhaps 85 percent to 90 percent would give their consent over three to five months.

A Citi Hedge Fund Business Prepares for Life on Its Own [DealBook]