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The Associated Press October 11, 2011, 4:42PM ET

Prudential names CEO of investment management

Prudential Financial Inc. said Tuesday that it named David Hunt as CEO of its investment management business.

The Newark, N.J., company said Hunt will oversee all of the asset management businesses of Prudential Investment Management, including its public fixed income, real estate, public equity, private fixed income, mutual fund and wealth management businesses.

His appointment is effective Nov. 9.

Hunt was most recently a senior partner at McKinsey & Co., where he was a co-leader of its North American asset management practice. Hunt is taking over as CEO of Prudential Investment Management for Charles Lowrey, who was promoted in February to chief operating officer of Prudential's U.S. businesses and had been overseeing Prudential Investment Management in the interim.

Prudential Investment Management had more than $583 billion in assets under management as of June 30, according to the company.

Shares of Prudential were up 95 cents at $49.69 in after-hours electronic trading, after closing up 98 cents to $49.72 during the regular session.

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