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Life Health > Annuities

Nassau Financial Forms $8.4B Specialty Credit Arm

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Nassau Financial Group — a company that’s been active in the U.S. annuity market — is taking a higher-profile approach to investing in bonds and loans.

The Hartford, Connecticut-based company announced earlier this week that it has combined its own credit investment unit with a newly acquired firm, Angel Island Capital Management, to start Nassau Global Credit, a specialty credit firm with $8.4 billion in assets under management.

Nassau Financial Group as a whole has $24 billion in assets.

What It Means

Many European companies are now in a recession, and rating analysts are talking about the possibility that empty offices in the United States could lead to a wave of building owner defaults.

Nassau Financial’s effort to expand specialty credit operations is a sign that this could be the start of boom times for asset managers interested in investing in undervalued loans and bonds.

The History

Nassau Financial acquired Angel Island Capital from Golden Gate Capital in January.

Nassau’s own Nassau Corporate Credit arm had $4.8 billion in assets at the end of the first quarter.

Angel Island Capital was founded in 2008 and ended 2022 with $3.6 billion in assets under management.

The Combined Business

Alexander Dias, who has been CEO of Angel Island Capital, will be the CEO of the new specialty credit firm.

Jonathan Insull, the lead portfolio manager at Angel Island Capital, will be the chief investment officer.

The business will “invest in the performing and opportunistic loan and bond markets across the U.S. and Europe,” Nassau Financial said.

Nassau’s Nassau Corporate Credit arm has issued 11 collateralized loan obligations since 2017.

Angel Capital has focused on credit opportunities and liquid credit strategies.

The combined business plans to continue to create CLOs, along with pursuing other types of credit opportunities, Nassau Financial said.

Credit: Adobe Stock


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