Legacy Acquirer DARAG Forms Partnership with Asset Manager New Nordic Advisors

DARAG, the European legacy acquirer, and New Nordic Advisors, a London-headquartered investment management company, announced the formation of a strategic partnership.

DARAG and New Nordic will join forces in a number of areas, including the provision of legacy, active business and restructuring solutions.

DARAG’s Protected Cell Company in Malta will form the joint consolidation platform. Following this agreement, a new cell will be established, subject to regulatory approval, which will be jointly owned by DARAG and New Nordic.

DARAG will provide legacy management expertise, while New Nordic Capital will deliver asset management. The first joint initiatives are expected to conclude imminently.

New Nordic Capital is the asset management arm of the New Nordic group, specializing in Solvency II investment strategies.

“This partnership signals the strong cooperation between our teams and opens the opportunity to explore further projects in a collaborative manner,” said New Nordic CEO Nicolai Borcher Hansen. “New Nordic is evolving its strategy to provide alternative investment strategies with a focus on Northern Europe and Scandinavia.”

The partnership with New Nordic will also strengthen DARAG’s tailored client offering, said Stuart Davies, executive chairman of Wedel, Germany-based DARAG. “Clients today require holistic and compact solutions and we are committed to providing just that.”

Alex Roth, head of M&A at DARAG said: “This partnership is the result of an established close collaboration between our teams, common values and a shared commitment to provide solutions designed with a relentless focus on each individual client’s needs. Our joint cell in Malta will deliver both unrivalled legacy expertise and excellent asset management. Together, DARAG and New Nordic will provide a truly exceptional client offering.”

Since 2009, DARAG said it has signed 25 run-off transactions from 14 countries with a volume in excess of €700 million (US$864.6 million).