AMBAC FINANCIAL GROUP, INC. HIRES KEVIN J. BURKE AS CEO FOR CADRE FINANCIAL SERVICES, INC.
News Release
February 7, 2001 - New York, NY: Ambac Financial Group, Inc. (Ambac) has named Kevin J. Burke CEO of its subsidiary, Cadre Financial Services, Inc. Cadre Financial offers cash management and advisory services to over 2,700 school districts and other public institutions across the country. It currently has over $7 billion under management or administration. Mr. Burke will report directly to William T. Sullivan, Jr., Cadre Financial's Chairman.
Mr. Burke comes to Cadre Financial from Mitchell Hutchins/PaineWebber where he was Senior Vice President and Institutional Sales Manager for public funds and financial institutions. Prior to that, he worked in the pension trust and investment management area at Bankers Trust and in managed securities lending for Chase. Mr. Burke received his BA from Fordham University in New York, an MA in English from Vanderbilt University in Nashville, Tennessee and an MBA in Finance from New York University. He is Chairman of the Corporate Affiliate Board of the National Association of State Treasurers.
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).