Prudential Financial plans to split its asset management, insurance...

Prudential Financial plans to split its asset management, insurance and securities units into separate businesses as part of a demutualization plan currently being reviewed by policyholders, New Jersey state regulators and the SEC. As part of the plan, Prudential would place its institutional management unit, which handles $95.1 billion in institutional assets, with its larger asset management division, which collectively manages $312.5 billion, spokeswoman Theresa Miller said.