MBIA-Ambac International recently lost three of its CBO/CLO team, according to the group's managing director Laurie Evangel.

"The CBO market is a hot market," Evangel said. "And I think you've got to expect that from time to time people are going to leave, and move on to other institutions and opportunities.

"These are three people I'm very close with and I wish them the best, and I'm happy they were able to find new opportunities," she added.

Jim Wang, formerly a quantitative analyst in Evangel's group, moved over to Bear Stearns. Hong Jiang, also a quantitative analyst, moved over to XL Financial Insurance.

Bernard Lau, who worked as transactor, joined a Hong Kong division of Lehman Brothers.

"We have essentially replaced the quantitative staff, and we're in the process of replacing the transactor," Evangel said. "But we're not missing a beat in the market. We've moved quantitative staff already, and we're continuing a pace and going on."

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