Prudential Securities Inc. announced yesterday that Arthur B. Spector, a longtime veteran of Goldman, Sachs & Co., will become the firm's new managing director in charge of public finance, effective today.
Mr. Spector has spent the last 18 years at Goldman Sachs. He most recently was a senior investment banker and a member of the municipal bond department management committe. Mr. Spector was not a partner with the firm.
Prudential has been looking for a new head of public finance since John C. Glidden left the firm in February. He is currently managing director and head of public finance at the Summit, N.J.-based firm of E.A. Moos & Co.
The list of candidates Prudential talked to included Sam Katz, former co-chief executive officer of Public Financial Management Inc., and Anthony Taddey, of Morgan Stanley & Co.
While at Goldman Sachs, Mr. Spector oversaw more than 200 bond issues, totaling over $40 billion. The deals included general obligation issues, water and wastewater, transportation, housing, economic development, urban redevelopment, health care, education, and public power.
"We heard there was a chance this position was going to be available, and Art got the opportunity to run the show, " said David C. Clapp, managing director and head of municipal securities at Goldman Sachs. "He's terrific banker and a great person friend. He'll be missed, but we wish him all the best."
Gerald P. McBride, head of Prudential's tax-exempt group, said, "We're very excited to have Arthur join the firm. Arthur's experience makes him ideally qualified to expand the scope of our public finance activities."
Mr. Spector said in a telephone interview, "Prudential Securities has an enormous marketing capability and a corps of fine bankers, and I'm very much looking forward to providing added leadership to the effort."
Leland Patton, president of capital markets for Prudential Securities, said in a release, "The addition of a professional with Arthur Spector's experience is an important component of the firm's commitment to this market."
Mr. Spector is a graduate of Columbia College and Harvard Business School and serves as an adjunct professor of public finance at Columbia Business School.
Through the first nine months of 1992, Prudential Securities served as lead manager for $4.1 billion in municipal debt for 212 issues, or a market share of 2.4%, according to Securities Data Co.
Among lead managers for competitive issues, the firm placed fourth, underwriting $2.4 billion of bonds.