AMBAC COMPLETES INVESTMENT MANAGEMENT TEAM
News Release
September 22, 2000 - Ambac Financial Group, Inc. announced that with its recent hiring of Rodney Kumasaki, it has completed its investment management team. Mr. Kumasaki, Managing Director, will be in charge of Ambac's tax-exempt investment portfolio. He will report directly to Eulogio Ramos, Chief Investment Officer, who has overall responsibility for Ambac's investment management strategies.
Mr. Kumasaki comes to Ambac from General Motors Investment Management Corporation where he was a municipal bond portfolio manager. Prior to that, Mr. Kumasaki spent three years with Merrill Lynch Capital Markets where he developed asset liability management strategies for insurance companies and pension plan sponsors. Over the past few months Ambac has also hired George Grimbilas and Diane Barlow. Mr. Grimbilas, First Vice President, is responsible for Ambac's investment in mortgage-backed securities. He has over 15 years experience in the mortgage-backed arena, most recently with R.W. Pressprich. Ms. Barlow, Vice President, will head credit research for Ambac's investment portfolios. Ms. Barlow spent close to 20 years with Merrill Lynch as a credit analyst on both the buy-side and the sell-side. Mr. Grimbilas and Ms. Barlow will also report to Mr. Ramos.Ambac Financial Group, Inc., headquartered in New York City, is a holding company whose affiliates provide financial guarantees and financial services to clients in both the public and private sectors around the world. Ambac Assurance Corporation is the principal operating subsidiary of Ambac Financial Group, Inc. Ambac Assurance, a leading guarantor of municipal and structured finance obligations, has earned triple-A ratings, the highest ratings available from Moody's Investors Service, Inc., Standard & Poor's Credit Markets Services, Fitch and Rating and Investment Information, Inc. Ambac Financial Group, Inc. common stock is listed on the New York Stock Exchange (ticker symbol ABK).