Prudential Financial entered the asset management business more than a century ago, when we funded our general account with our first collected life insurance premium. Today, our asset management division invests $299 billion for institutional and retail clients, as well as our general account. More than 600 institutions—including some of the world's largest companies, governments, and pension funds—have chosen Prudential Financial to manage their assets, capitalizing on our experience and strong market positions. We're one of the largest fixed income managers in the U.S. We're among the world's largest global real estate managers, with institutional clients across the U.S., Europe, Asia and Latin America. We're a leading provider of commercial real estate financing and among the top ten servicers of commercial mortgages. And for more than 60 years, we've been a major provider of private financing to institutions; many mid-sized companies we financed decades ago are now household names. Today at Prudential Financial, we're applying our renowned institutional asset management skills to create stronger retail products and services. In May of 2000, we consolidated all active equity management under our investment subsidiary Jennison Associates. Jennison is a major institutional equity manager with more than 30 years of experience in growth stock management and is now among the 20 largest equity managers in the U.S. In addition to managing the equity portfolios of many blue-chip institutional clients, the 47 investment professionals at Jennison Associates also manage a broad range of active equity and balanced mutual funds and managed accounts using growth, value and blend investment styles. Investors who choose Prudential Financial will find a diverse array of Prudential-managed mutual funds covering a wide range of asset classes and investment styles—stock, bond and money market, growth and value, domestic and international, and sector funds—each designed to help them meet their investment objectives. We're proud that so many investors have chosen Prudential mutual funds, entrusting us with more than $57 billion in retail mutual fund assets.

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