June 6, 2007

No More Equity Research From Pru

Plug pulled on Prudential Equity Group

Prudential Financial is closing Prudential Equity Group, suspending that group's institutional equity research coverage immediately, and pulling the plug on the equity group's trading and sales arms in 13 cities: Tokyo, London, Paris, Zurich, New York City, Chicago, San Francisco, Washington, Atlanta, Boston, Cleveland, Philadelphia, and Kansas City. In a terse announcement, Prudential Financial says it "will comply with all applicable local laws and procedures as it begins the wind down process."

As of March 31, Prudential Financial had about $630 billion in assets under management.

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