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NewOak Capital Establishes Credit Services Division In Danbury, Connecticut

Area Development Online News Desk (05/02/2013)
NewOak Capital, a New York City-based financial services firm, will establish its Credit Services division in Danbury, Connecticut. The company will lease 10,000 square feet of space at the Matrix Corporate Center, with plans to create up to 50 jobs during its first year and up to 100 jobs within three years.

NewOak Capital is a specialized financial advisory firm that provides consulting, analysis, and technology services to global banks, insurance companies, asset owners, and regulators. The company is staffed with market practitioners, including; former portfolio managers, traders, bankers, risk managers, and technology experts.

”Governor Malloy and his administration’s commitment to attracting new businesses to the state, combined with a strong talent pool of mortgage and finance professionals made Connecticut the ideal choice for NewOak to launch its Credit Services platform,” said James Frischling, President and Co-Founder at NewOak. “We look forward to developing and training new professionals, including recruiting new graduates from the many fine schools and universities throughout the region. We believe Connecticut is the right place for NewOak to expand its financial services platform and we’re excited to prove that Connecticut was right for believing in us.”

Growing jobs and attracting new business in Connecticut is a top priority for my administration,” said Governor Dannel P. Malloy. “This investment in NewOak Capital will create good paying jobs with good benefits—and help us expand an important industry in the state.”

“We put a great deal of emphasis on the financial services and insurance sector in our economic development strategy—and for good reason as it is an important economic driver for our state. Successfully attracting companies like NewOak are further strengthening our competitive position and global reputation in the industry,” said Community Development Commissioner Catherine Smith. DECD is supporting the $13 million project with a $3 million dollar loan at 2 percent interest for ten years to purchase furniture and equipment, make leasehold improvements, and provide working capital. The financing requires approval by the State Bond Commission.

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