CHICAGO (AP) — Prudential Financial Inc. is selling off a small part of its business, a wealth management services unit, to financial services firm Envestnet Inc. for up to $33 million.
Envestnet sells technology and services to investment advisers. It said Friday that it's buying the division, Wealth Management Solutions, to help it expand its business with banks.
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, said Prudential spokeswoman Theresa Miller.
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