ARTICLE | Finance

Ebb & Flow

January 2, 2001 8:00 AM UTC

Prudential's plans to overhaul its securities unit, which include a major reduction in its investment banking presence, has left the future of Prudential Vector Securities up in the air. Pru acquired Vector in 1999 to help re-establish itself in the biotech space (see BioCentury, June 14, 1999).

The driver behind the restructuring is Pru's hope to sell an IPO. The firm has been a mutual life insurance company (owned by its policyholders), but last month its board agreed to demutualize and become a stock life insurance company...