Prudential (PRU) IPO'd yesterday. Message Board

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Non-Tech : Prudential (PRU) IPO'd yesterday.

PRU 112.89

-0.7%

Dec 31 3:59 PM EST

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From: Peter Dierks	1/26/2005 1:02:23 AM
	of 7

July 1, 2003 Wachovia, Prudential wrap deal Wachovia Corp. and Prudential Financial Inc. have completed the combination of their retail brokerage businesses into a joint venture, creating one of the nation's largest retail financial advisory organizations, Wachovia Securities. Wachovia Securities is owned 62 percent by Wachovia and 38 percent by Prudential. The new firm is the nation's third-largest full-service retail brokerage organization based on client assets of $532.1 billion as of March 31. But Dow Jones reports the number of brokers on board are fewer than the 12,500 the companies estimated when they announced the deal in February. At the end of March -- the latest data available -- the combined firm had 12,232 brokers. Of the departures, 199 came from Prudential and 55 were from Wachovia. The new Wachovia Securities serves clients through 3,400 brokerage locations, including more than 700 retail brokerage offices in 48 states and the District of Columbia and brokerage locations in some 2,700 Wachovia bank branches on the East Coast. Prudential Securities offices will continue to operate under the Prudential name until year's end. The companies' correspondent clearing subsidiaries, Wachovia's First Clearing LLC and Prudential's Wexford Clearing Services LLC, will continue to operate under their existing names and broker/dealer structures as they move toward integration and adoption of the Wexford brand in the months ahead. Locally, Wachovia operates a Centerville office and Prudential works out of the Kettering Tower in downtown Dayton. © 2003 American City Business Journals Inc bizjournals.com

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