J. David Rush, president and co-founder of Public Resources Advisory Group, will leave the firm at the end of this month to join the public finance group at Bear, Stearns & Co., Public Resources announced yesterday.
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The firm named Steven Peyser and Wesley Hough to succeed Rush as co- presidents in its New York and Los Angeles offices, respectively. In addition, Richard C. Bain Jr. was named chair of the firm's executive committee, and Marcy Edwards and Benjamin H. Asher were named senior managing directors.
Founded in 1985, Public Resources was the second-most active financial adviser in the municipal market last year, according to Securities Data Co. Its client list includes many of the nation's largest issuers, including New York City, the single largest issuer.
In an interview yesterday, Rush said he simply wants to try something new.
"I've reached an age where it's either, continue to do this forever, or try something different, and I'd always question myself if I didn't try something different," he said. Rush is 45.
Co-founded by Rush and William W. Cobbs in New York City, Public Resources last year served as financial adviser on 61 deals with a total value of $9.3 billion, second only to Public Financial Management Inc., which worked on 266 deals totalling $10.5 billion, according to Securities Data.
In addition to New York City, Public Resources' biggest clients last year included: the California State Public Works Board and the state of California; New York State and its Local Government Assistance Corp.; Maryland; and Virginia.
The firm is also serving an 18-month term as the New York City Transitional Finance Authority's adviser.
In a statement, the firm said Rush had "played a vital role in the development of Public Resources Advisory Group, especially the firm's quantitative abilities."
