Ambac has hired WestLB’s Lou Iaconetti, a former co-head of the financial sponsors and power & utilities groups in New York. The banker is being hired in a newly created position focusing on structured energy finance credits, says Mike Pepe, who joined Ambac from Financial Guaranty Insurance Co. to launch a concerted project finance push at the firm (PFR, 5/22). “He is a guy with a lot of skill and a lot of experience and we are delighted to have him back,” Pepe notes.
Iaconetti is expected to begin his duties in October at Ambac, which offers guarantees on debt offerings. He could not be reached for comment. Both officials report to Iain Bruce, managing director in New York.
The reason for Iaconetti’s departure, who joined WestLB less than a year ago (PFR, 11/7), could not be learned, but his exit comes on the heels of several departures over the past several months including Santino Basile--the other co-head of the financial sponsors and utilities group at WestLB (PFR, 7/31).