Prudential Financial’s investment management business increases stake in Everbright Pramerica Fund Management Co.

Final approval granted from China’s SAIC

NEWARK, N.J.--(BUSINESS WIRE)-- Prudential Financial, Inc. (NYSE:PRU) announced today that following the approvals from China Securities Regulatory Commission and Ministry of Commerce, the Shanghai Administration of Industry and Commerce (SAIC) granted final approval to the investment management business of United States-based Prudential Financial for the purchase of 12 percent in Everbright Pramerica Fund Management Co., Ltd. from Everbright Securities Company, Ltd. With this approval, Prudential now owns 45 percent, up from 33 percent, in the asset management joint venture.

In August 2010, Everbright Securities publicly announced the listing for purchase of 12 percent of its equity interest in Everbright Pramerica through the Shanghai United Assets and Equities Exchange (SUAEE). A few weeks later, the SUAEE announced that Prudential was chosen as the final qualified bidder.

Everbright Pramerica, headquartered in Shanghai, was established in April 2004, as a joint venture between Everbright Securities Company, Ltd., a subsidiary of China Everbright Group and the investment management business of Prudential Financial, Inc. Everbright Pramerica strives to help investors maintain and increase their wealth through scientific and rational investment management.

Prudential has an additional presence in China through its Beijing Representative Office, Pricoa Consulting (Shanghai) Co., Ltd. and Pricoa Relocation Hong Kong Limited, and through its recent partnership in a private equity fund with the Fosun Group. Pramerica and Pricoa are trade names used by the company and its affiliates in select countries outside the United States.

With approximately $784 billion of assets under management as of December 31, 2010, Prudential has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com.

Prudential Financial, Inc.Lisa Villareal, 973-367-2503
[email protected]

Source: Prudential Financial, Inc.