PRUDENTIAL FINANCIAL TO SHUTTER STOCK RESEARCH UNITLife insurance and money management conglomerate Prudential Financial Inc. said that it would shut down its institutional stock research and trading business - Prudential Equity Group - after 26 years of operation. Prudential will close its offices and trading operations in nine U.S. cities, as well as in London, Zurich, Paris and Tokyo. Some 400 employees will be terminated.
Last year Prudential Equity generated $260 million in revenue and $34 million in pretax income. It managed $137 million in assets.
AMERICAN COLLEGE OFFERS DISCOUNTS TO FPA MEMBERS
Financial services educator The American College has entered into an agreement with the Financial Planning Association to provide its members with discounts on the college's CASL Retirement Coaching Program. FPA members who have earned the Certified Financial Planner certification can receive up to $210 in savings toward a CASL designation, while other FPA members can save up to $90. In exchange, the FPA will provide American College students and alumni interested in joining the association with a $50 membership discount.
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