NewOak Capital announced the creation of NewOak Credit Services LLC in Danbury, Conn., which is expected to create up to 100 new jobs within three years. Gov. Dannel P. Malloy, joined by Department of Economic and Community Development (DECD), Commissioner Catherine Smith and Danbury Mayor Mark D. Boughton, made the announcement at a press conference May 2, 2013 at the Matrix Corporate Century in Danbury, where NewOak has leased 10,000-square feet of space. Joining the state and local officials were NewOak Founding Partners CEO Ron D’Vari and President James Frischling, and partner Chad J. Burhance, Head of NewOak Credit Services.
“Due to the sea change of regulations and transparency requirements by investors, the mortgage and related securitization industry is undergoing an enormous transformation. As a result many of the financial institutions involved are revamping their infrastructure. This creates a critical need for independent advisory firms such as NewOak to develop effective new credit and risk solutions and services that combine highly skilled credit professionals, well designed processes, advanced technology, and massive amount of data. Proper execution of these new services requires a large number of highly trained staff,” said Ron D’Vari.
“Our decision to expand our operations in Danbury was based on the desire to fill hiring needs by drawing from a broader pool of experienced candidates and new college graduates outside of Manhattan,” said Chad J. Burhance. “We plan on building a true “center of excellence” for our mortgage credit services business in Danbury, touching all aspects of the loan lifecycle from origination, surveillance, servicing oversight and securitization. We also identified the need to develop and execute a business continuity strategy to geographically diversify our operations. Our Connecticut facility enables NewOak to build full disaster recovery for our networks and applications as well as facilities to move employees in the event of potential or actual business interruptions.”
”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. “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.”
“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,” said Commissioner Smith.
“Successfully attracting companies like NewOak are further strengthening our competitive position and global reputation in the industry.”
“For Danbury, NewOak means more new jobs,” said State Senator Michael McLachlan (R-Danbury). “This news comes on the heels of Boehringer Ingelheim's announcement that the nearly 900 employees in its Danbury offices will be staying where they are until at least December 2022. Smart, targeted investments like this one will continue to send the message that greater Danbury is open for business.”
Founded in 2008, NewOak Capital is a specialized financial advisory firm which provides consulting, analysis, and technology services to global banks, insurance companies, asset owners, and regulators. Staffed with market practitioners, including former portfolio managers, traders, bankers, risk managers, and technology experts, NewOak has worked with over 100 clients and advised on over $3 trillion in assets.