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Prudential To Acquire UnionBanCal Retirement Unit

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A major retirement services player is expanding on the West Coast.

The retirement arm of Prudential Financial Inc., Newark, N.J., has agreed to pay $103 million for the retirement business of Union Bank of California N.A., a unit of UnionBanCal Corp., San Francisco.

The Union Bank retirement business manages about $8 billion in account value for 670 plans and 170,000 participants, Prudential says.

The Union Bank also runs the Highmark family of mutual funds.

Prudential now has about $157 billion in retirement plan account value under management.

Prudential and UnionBanCal hope to complete the retirement business deal by the end of the year, and Prudential says it hopes to take responsibility for administering the acquired retirement plans by June 30, 2008.