Bache Commodities Group Grows FX Prime Brokerage Team

Bache Commodities Group Grows FX Prime Brokerage Team

NEW YORK--(BUSINESS WIRE)-- Bache Commodities Group, a subsidiary of Prudential Financial, Inc. (NYSE:PRU), announced today that it is continuing to expand its FX Prime Brokerage activities with the addition of key sales and middle office professionals.

Mike Stone has joined Bache Commodities as a vice president to head the middle office function for FX Prime Brokerage. He will be based in Chicago. Dominic Cheah has joined Bache Commodities in London as a senior sales person focused on commodities trading advisors and hedge funds. The FX Prime Brokerage team is headed by Sal Provenzano, who started with Bache Commodities in New York at the end of February 2009. Provenzano reports to Brian Jaspers, Global Head of Foreign Exchange.

Cheah was formerly with Westpac, London, where he was responsible for FX sales to financial institutions. Stone joined from ABN Amro in Chicago where he was part of the team that established ABN’s Prime Brokerage team. Provenzano was previously with ABN Amro where he was head of Foreign Exchange Prime Brokerage Sales.

“There continues to be demand for FX Prime Brokerage services from strong counterparties, despite the fact that some financial institutions have been forced to exit or scale back this business due to market conditions,” said Jaspers. “We fully expect to continue to grow our FX Prime Brokerage operations to meet the trading needs of hedge fund managers and CTAs who look to us to provide credit lines, access to all major FX markets through a variety of trading platforms, outstanding clearing and trade execution, and 24 hour-a-day, six day a week support.”

Prudential Bache Commodities LLC and its U.K. affiliate Bache Commodities Limited are subsidiaries of U.S.-based Prudential Financial, Inc., and are included within the global brand known as Bache Commodities Group. With significant experience and deep market knowledge, Prudential Bache Commodities serves as a full-service Futures Commission Merchant (FCM), offering clients advice, sales and trading opportunities, and global access to all major markets. Bache Commodities Group offers a broad range of commodity, financial futures, and options capabilities; market-making on a spot and forward basis in precious and base metals, as well as in foreign exchange. For more information, please visit http://www.prudentialbache.com.

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $542 billion of assets under management as of March 31, 2009, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping approximately 50 million individual and institutional customers grow and protect their wealth. The company’s well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information, please visit http://www.news.prudential.com/.

Prudential Financial, Inc.

Simon Locke, 973-802-7373

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Theresa Miller, 973-802-7455

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Source: Prudential Financial, Inc.

Copyright Business Wire 2009 Bache Commodities Group, a subsidiary of Prudential Financial, Inc., announced today that it is continuing to expand its FX Prime Brokerage activities with the addition of key sales and middle office professionals. Mike Stone has joined Bache Commodities as a vice president to head the middle office function for FX Prime Brokerage.