The talent pool continues to move from Prudential to UBS PaineWebber. The manager of Prudential’s Aventura, Fla., branch, Marc Margolies, has been wooed to PaineWebber as business manager of the Central Division, according to sources. Margolies worked at Prudential from 1994 until last week, before deciding to move on. UBS PaineWebber confirmed the move.
It was expected that a significant exodus among producers would occur from Prudential as a result of the impending merger with Wachovia. However, in recent months the turmoil (prior to the Wachovia announcement) has resulted in the departure of several high-profile branch managers instead. A number of them have jumped to UBS PaineWebber, whose No. 2 is Jamie Price, former head of Pru’s private client group. The defections have sparked published reports of potential raiding suits—although at press time one had not been filed.
Margolies is the son of Joel Margolies, who worked with Citigroup CEO Sanford Weill.