Prudential Financial Inc. is selling off its wealth management services unit to financial services firm Envestnet Inc. for up to US$33 million.
Prudential spokeswoman Theresa Miller, said: "Wealth Management Solutions makes up a small part of Prudential’s overall business, so the best way for it to grow was to find a buyer."
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Wealth Management Solutions administered approximately US$22 billion on behalf of institutional clients as of the end of 2012.
Prudential, based in Newark, N.J., provides insurance, investment management and other financial services to institutions and individuals. It has about US$1.06 trillion in assets under management.
Envestnet is buying the business for US$10 million in cash, plus up to US$23 million in additional cash payments that will be made over three years. The deal is expected to close in the third quarter.
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