Legacy acquirer DARAG partners with New Nordic
European run-off specialist DARAG has formed a strategic partnership with London-based asset manager New Nordic Advisors that will see the two companies join forces in a number of project areas including the provision of legacy, active business and restructuring solutions.
DARAG’s Malta-domiciled protected cell company will form the joint consolidation platform.
Following the agreement, a new cell jointly owned by DARAG and New Nordic will be established. DARAG will contribute its legacy management expertise and New Nordic Capital, a specialist in Solvency II optimised investment strategies, will provide asset management capability.
DARAG and New Nordic expect their first joint initiatives to conclude soon.
Stuart Davies, executive chairman of DARAG, said: “This strategic partnership is a milestone for our Group and further showcases our commitment to both consistent growth in our core markets and a creative and open approach to future partnerships and projects.
"The partnership with New Nordic will also strengthen our bespoke client offering, which we tailor according to need, regardless of complexity or size. Clients today require holistic and compact solutions and we are committed to providing just that.”
New Nordic CEO, Nicolai Borcher Hansen, commented: “This partnership signals the strong cooperation between our teams and opens the opportunity to explore further projects in a collaborative manner. New Nordic is evolving its strategy to provide alternative investment strategies with a focus on Northern Europe and Scandinavia.”
Alex Roth, head of M&A at DARAG, added: “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.”
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