Ambac Assurance Corp. has hired Michael Cush, director at Dresdner Kleinwort Wasserstein in New York, to work in the firm's interest rate and cross currency swap team. Steven Dymant, managing director at Ambac in New York, to whom Cush reports, said the firm hired Cush because its derivatives activities have increased in line with its insurance business.
Ambac expects to make a similar hire in London in the next three to six months. Both Cush and the London recruit will work on entering interest rate and currency swaps on international and domestic non-municipal debt issuances, he added. Cush declined to comment on the move.
An official at DrKW said it has not yet decided whether it will replace Cush, declining to say when it will arrive at the decision. At DrKW Cush reported to Guy Rotando, managing director. He declined comment.