Nassau Financial Group merges with San Francisco investment firm

Hartford-based Nassau Financial Group announced Monday morning that it had merged with Angel Island Capital, a specialty credit investment firm with $3.6 billion in assets including a balance sheet of $300 million. 

AIC, which is headquartered in San Francisco, has become a subsidiary of Naussau’s asset management segment, Nassau Asset Management LLC, as a result of the merger.

The merger expands Nassau’s asset management capabilities and accelerates its growth strategy, according to the announcement.

AIC’s CEO and managing director, Alex Dias, will continue to lead the company.

Nassau’s asset management business oversaw more than $18 billion of assets as of Sept. 30, 2022, of which $7.4 billion were third-party assets.

Nassau Financial Group has been expanding, and in November announced it had agreed to acquire Delaware Life Insurance Co. of New York. The deal is expected to close in the second half of 2023.

Nassau was founded in 2015 and had about $1.1 billion in total adjusted capital and over $18 billion in AUM as of Sept. 30, 2022.