Prudential Financial, Inc. announced that it will discontinue the institutional equity research, sales and trading business known as Prudential Equity Group.

The firm says that its decision affects the equity research operations throughout the US, including its offices and trading operations in New York City and Washington, D.C., San Francisco, Kansas City, Chicago, Philadelphia, Cleveland, Atlanta and Boston, and outside the US in London, Zurich, Paris and Tokyo. Effective immediately, Prudential Equity Group is dropping coverage of the sectors and companies it covers.

The company adds that it will comply with all applicable local laws and procedures as it begins the wind down process.

Prudential Financial has approximately US$630 billion of assets under management as of March 31.