ABS analyst Jeff Orr has left his position at Fitch Inc. in Chicago (formerly Duff & Phelps Credit Rating Co.) to join Banc One Capital Markets in the same city to work on public term ABS securitizations. Orr will be reporting to David Duzyk, who came to Banc One from J.P. Morgan about two months ago. Orr's group will be focusing on larger issuers in the public market. "I have a great opportunity here," Orr said. "We're going to do lots of deals. We're not trying to pare down and be a specialty provider."
Ambac Assurance Corp. has hired Michele Loesch and Michael Babick for its consumer asset-backed group. Both will report to managing director, Iain Bruce. Loesch has been named first vice president and will be responsible developing and executing business in the mortgage-back and home-equity sectors. Babick, named vice president, will work on Ambac's penetration of the consumer asset securitization markets.
July12 in New York City: Strategic Research Institute presents Critical Issues in Asset-Backed CP Liquidity. For more information call 800-599-4950.
September 11 in New York City: Strategic Research Institute presents The Premier Forum on Risk Securitization. For more information call 800-599-4950.
Via a pre-funding arrangement with Ambac Assurance Corp., Unicapital Corp. has received $30 million in cash. Under the arrangement, Unicapital received funds from its March securitization. The company also sold its wholly-owned subsidiary, Unicapital Securities Corp.