Ambac Announces Sale of Investment Advisory and Cash Management Business to Public Financial Management
24 Novembre 2003 - 2:00PM
PR Newswire (US)
Ambac Announces Sale of Investment Advisory and Cash Management
Business to Public Financial Management NEW YORK, Nov. 24
/PRNewswire-FirstCall/ -- Ambac Financial Group, Inc. (Ambac) today
announced that it has entered into an agreement to sell the
operations of Cadre Financial Services, Inc., its investment
advisory and cash management business to PFM Asset Management LLC,
an affiliate of Public Financial Management, for cash and notes.
The sale is scheduled to close in the first quarter of 2004. As a
result of this sale, Ambac will record a fourth quarter net charge
of approximately $7.6 million. Operating earnings generated by
Cadre are insignificant to Ambac's consolidated results. Commenting
on the transaction, Ambac President and Chief Operating Officer,
Robert J. Genader noted, "The decision to sell this business
confirms that Ambac's focus is on its core financial guarantee
business and complementary services which continue to provide ample
opportunities for growth and attractive returns. We are pleased to
announce this transaction with PFM as we believe their commitment
to serving the financial advisory and investment management needs
of this marketplace is second to none." F. John White, Chief
Executive Officer of PFM, commented "We are delighted that Ambac
chose to accept our offer for Cadre. This represents a significant
addition to our existing money management business and reaffirms
our commitment to our core business of serving the financial
advisory and money management needs of state and local governments
throughout the United States, a business we have been in for the
past 25 years." Forward-Looking Statements This release, in
particular Ambac's President's remarks, contains statements about
our future results that may be considered "forward-looking
statements" under the Private Securities Litigation Reform Act of
1995. These statements are based on current expectations and the
current economic environment. We caution you that these statements
are not guarantees of future performance. They involve a number of
risks and uncertainties that are difficult to predict. Our actual
results could differ materially from those expressed or implied in
the forward-looking statements. Among the factors that could cause
actual results to differ materially are (1) changes in the
economic, credit, or interest rate environment in the United States
and abroad; (2) the level of activity within the national and
worldwide debt markets; (3) competitive conditions and pricing
levels; (4) legislative and regulatory developments; (5) changes in
tax laws; (6) the policies and actions of the United States and
other governments; and (7) other risks and uncertainties that have
not been identified at this time. We undertake no obligation to
publicly correct or update any forward-looking statement if we
later become aware that it is not likely to be achieved, except as
required by law. 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's principal operating
subsidiary, Ambac Assurance Corporation, a leading guarantor of
public finance and structured finance obligations, has earned
triple-A ratings, the highest ratings available from Moody's
Investors Service, Inc., Standard & Poor's Ratings Services,
Fitch, Inc. and Rating and Investment Information, Inc. Ambac
Financial Group, Inc. common stock is listed on the New York Stock
Exchange (ticker symbol ABK). DATASOURCE: Ambac Financial Group,
Inc. CONTACT: Peter R. Poillon, +1-212-208-3333, Web site:
http://www.ambac.com/
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