NU Online News Service, Oct. 8, 2003, 4:15 p.m. EST – Prudential Financial Inc., Newark, N.J., has renamed Prudential-Bache Ltd., a unit that sells investment services to wealthy clients in Europe and Asia.
Prudential now calls the unit Dryden Wealth Management Ltd. The unit has a sister company, Dryden Bank S.A., Geneva, Switzerland, that sells private banking services.
Prudential chose the Dryden name in recognition of John Dryden, the insurance agent who founded Prudential in 1875.
Prudential is changing the unit names because of a shift toward fee-based wealth management services, away from traditional retail stock brokerage services, the company says.
Prudential Financial’s global derivatives and institutional stock sales operations in Europe will continue to operate under the Prudential-Bache name.