Nikolaj Holdt Mikkelsen, Morningstar's former Danish chief, and Christian Øhlers, director at broker Wealth Management, are starting up an investment advice firm billed as an independent alternative to banks' investment services, writes Finans.

Dannebrog Invest will focus on advisory services to companies and wealthy private investors.

"The investment products recommended by the banks are not always in the best interests of the customer, but are in the investment funds that are profitable to the banks. There's a need for an independent alternative to the banks whose advisory services are based on their own products," Mikkelsen tells Finans.

The investment company will focus on low costs, however, the portfolios will not only consist of Danish and foreign index funds and ETFs, but also management of illiquid products such as high yield and emerging markets bonds.

English Edit: Lisa Castey Hall Nielsen