MEXICO CITY - Prudential Insurance Co. of America announced Tuesday that it would acquire a 51% stake in Mexican fund manager Apolo Operadora de Sociedades de Inversion SA.Manuel Somoza, who founded Apolo two years ago, will retain a 49% stake and continue to run the company's day-to-day operations as chairman and general director after the deal closes later this year. Apolo, to be renamed Prudential Apolo Operadora de Sociedades de Inversion SA, sells fixed-income and equity mutual funds to individuals and institutional clients. It had $80 million of assets under management as of Oct. 31.

Prudential will provide its global asset management expertise, as well as its technology and capital, to a line of funds that invests mainly in Mexican securities, said Stephen Pelletier, executive vice president of Prudential's international investment unit.

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