Prudential Financial Inc. has withdrawn from Japan's retail securities business, selling its subsidiary, Prudential Financial Advisors Securities Co., company sources said Wednesday.
The move is part of the U.S. financial conglomerate's reorganization plan for its global business, reducing the size of its retail securities business overseas, the sources said.
But Prudential will continue with its insurance and investment operations in Japan, they added.
Capital Partners Co., a management consulting firm, purchased all stocks of Prudential Financial Advisors Securities as of Monday, according to the sources.
Capital Partners will take over the employees and clients of Prudential Financial Advisors Securities.