Ernst Russ AG is teaming up with Norwegian and UK-based partners to form of a new German investment bank and a EUR 500m ($536m) private-equity backed shipping fund.

The German-listed asset and investment management company has joined forces with Oslo-based Pareto Securities in the venture for the German project.

Separately, it is teaming up with a London-based private-equity firm to establish a $536m fund to buy up non-performing loans.