(Bloomberg) — A member of the Nobel family is backing a U.S. wealth management firm that is looking to grow through acquisitions.
A relative of Alfred Nobel, the inventor of dynamite and founder of the annual awards, is among a group of investors teaming up with executives at wealth manager Cardea to create a rebranded firm called Fourcore Capital, the company said on Wednesday in a STATEMENT.
Peter NobelAlfred's brother's great-grandson, Robert, is joining Fourcore's board of directors as chairman and leading the consortium, which is investing up to $25 million in the new business, Fourcore said in a statement.
“We look forward to our partnership with Fourcore,” Peter Nobel, 71, said in the statement.
The Swedish dynasty once ranked among the Rockefellers and Rothschilds as one of the richest families in the world, but are now best known for their annual named awards for those who advance humanity.
Other descendants of the dynasty include the former JPMorgan Chase & Co. mergers and acquisitions banker. Erik Nobel and Johan Nobel, who worked as a relationship manager at the Stockholm branch of Bank of China (Europe) and is currently at the Swedish Export Credit Corp. Together with Peter they sit on the board of the Nobel Sustainability Trust, a Zurich-based entity that aims to advance renewable technologies.
“Combining these assets under one global organization positions the management team to maximize their value and capitalize on demand for a broader range of investment offerings,” Peter Nobel said in a separate statement.
Fourcore Group Chief Executive Jordan Waring said the partnership with post-Nobel consortium Sustainability Capital Group will increase assets under management for the Atlanta-based firm, as well as allow it to expand its strategy of acquiring rival businesses. Fourcore had $12.7 billion in assets under advisement before the deal.
'Turbocharged' growth
“The members of the Nobel family have really turbocharged the growth effort,” Waring, 59, a former fixed-income trader, said in an interview about the firm, which was founded in 2018. It “gives us a much larger scale and, theoretically, dry powder that we would need to be able to really accelerate it.”
Cardea entities have struck deals in recent years for Zurich-based wealth management firm Trinkler & Partners and London-based Olympia Wealth Management.
Last year it agreed to become a listed business through a merger with blank check firm Global Blockchain Acquisition Corp. in a deal that valued Cardea at almost $200 million. The special-purpose buyout vehicle won an extension earlier this year to complete the merger by mid-November, while Cardea also raised $15 million in debt financing to support its growth.
Waring, who declined to comment on the SPAC transaction, said the deal with members of the Nobel family was the result of meetings earlier this year and led to the company's rebranding based on its four technology-focused priorities, including systems advisory guided by artificial intelligence. .
“It's been a 15-hour day,” he said. There are “a huge amount of initiatives that we are planning to do together.”