NY's New Oak Capital investing $16M in Danbury
A New York City financial-services advisor is investing $16 million -- $3 million of it from Connecticut taxpayers -- to open a Danbury satellite that will employ up to 100 people within three years, authorities say.
State officials said Wednesday that NewOak Capital will establish NewOak Credit Services LLC in 10,000 square feet in the the sprawling Matrix Corporate Center office-campus, formerly world headquarters for Union Carbide.
Fifty people will be employed there in the first year, the governor's office and the state economic development officials said.
The state Department of Economic and Community Development pledged a $3 million, 2-percent loan for 10 years to help New Oak buy furniture and equipment, make leasehold improvements, and provide working capital. The financing requires approval by the State Bond Commission, which the governor chairs.
Founded in 2008, NewOak Capital says it provides specialized financial advice, consulting, analysis, and technology services to global banks, insurance companies, asset owners, and regulators.
Its staff consists mostly of former portfolio managers, traders, bankers, risk managers, and technology experts, NewOak claims it has worked with more than 100 clients and advised on more than $3 trillion in assets.
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