NU Online News Service, Sept. 5, 2003, 5:53 p.m. EDT – The securities division of the Massachusetts Secretary of the Commonwealth has subpoenaed the Boston office of Prudential Securities Inc., a division spokesperson said.

The subpoena seeks documents related to market timing of mutual funds. The division spokesperson said he did not know whether other brokerage firms would receive similar subpoenas.

Prudential has cooperated fully with the subpoena and has conducted itself properly, Mark Grier, vice chairman of Prudential Financial Inc., Newark, N.J., said at an investment conference in New York.

Separately, Grier told attendees at the conference that the merger of Prudential Securities and the securities unit of Wachovia Corp., Charlotte, N.C., is proceeding apace.

Grier also said that agent productivity and retention at Prudential Financial is improving.

The agent retention rate increased to 71% in 2002, from 45% in 2000, Grier said.