RangeMark Financial Services, a subsidiary of Ambac Financial Group, has initiated a process to separate from Ambac and operate as an independent company.
RangeMark, an advisory, investment management and capital markets firm, was launched in September 2009 following Ambac’s acquisition of NSM Capital Management.
RangeMark’s chief executive Robert Smith says: "We believe that establishing RangeMark as an independent enterprise is in the best interest of both our clients and our new business initiatives. The need for understanding and strategically managing portfolio risk has never been more critical. RangeMark’s robust analytics and credit-risk expertise can bring tremendous value to investors and other fixed income market participants."