Ambac Assurance Corp. announced that it has hired Scott D. Gordon as Managing Director in its specialized finance division. He will report directly to Michael Schozer who runs Ambac's structured finance and credit derivatives group. Gordon will focus on collaterlized debt obligations.

Olaf Olafsson has resigned as president of Advanta Corp. for personal reasons; however he will continue working as a director and special partner to the Advanta Partners. Olafsson will also join Time Warner Digital Media as vice chairman.

J.G. Wentworth has promoted Richard Connelly to general counsel of the legal department. Connelly has been with Wentworth's legal department since 1997.

Deutsche Asset Management has hired Janet Campagna as managing director and head of global asset allocation. Campagna moved from Barclays Capital, where she led the asset allocation team. Campagna will report to Dean Barr, chief information officer at Deutsche.

Mark Tuttle has joined Chase Manhattan Corp.'s securitized finance group as a managing director responsible for Latin America. Tuttle came from Warburg Dillon Read where he also worked as an ABS Latin America specialist.

BYL Bank Group has announced that Barry Moore has relinquished his duties as chief financial officer to Gary Strachn. The decision was made, said the company in a statement, so Moore could concentrate on being chief operating officer full-time at BYL. Moore was previously splitting his time between both chief operating officer and chief financial officer positions. Strachn came to BYL following its acquisition of All Source Financial LLP, where he is CFO.


Midland Loan Services is unveiling a new FHA program, expanding both its origination and servicing business. The PNC Bank Corp. subsidiary has announced it has added an FHA multifamily/nursing home construction and permanent loan program to its product offerings. "The FHA sector provides an attractive source of new business," said Doug Danforth, chief executive officer of Midland Loan Services. Barbara Sullivan will spearhead the initiative.

First Union Securities has expanded its real estate investment banking group following the acquisition of Everen Capital Corp. Now the company's department has 17 professionals "focused on originating and executing investment banking transactions for real estate owners and operators."

Deutshe Bank AG is set to purchase Chase Manhattan Corp.'s auction business in the Netherlands by the end of December.

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