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Prudential buying asset-management company stake

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July 2, 2008

NEWARK, N.J.—Insurance and investment company Prudential Financial Inc. said Wednesday that it will buy a 40 percent stake in Brazil's GAP Asset Management.

Financial terms of the deal were not disclosed.

Prudential said the strategic partnership will let GAP's asset-management business grow and develop products for markets that could see growth in Brazil. GAP's product line will also be expanded to include international markets.

Prudential said the partnership will focus initially on retirement, wealth management and development of mutual-fund products geared toward institutional investors.

The partnership will be run as a separate entity.

Prudential currently runs international insurance and real estate operations in Brazil.

Prudential shares rose 79 cents to $62.65 in afternoon trading.

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