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Prudential taps new commercial mortgage unit chief

NEWARK, N.J. (AP) -- Prudential Mortgage Capital Company on Friday named Hal Collett to replace the outgoing president of Prudential Asset Resources, Catherine Rodewald, who plans to retire at year's end.

Prudential Mortgage Capital is the commercial mortgage lending business of Prudential.

Collett joined the company in 2002, serving in multiple roles within the asset business. The company's commercial real estate portfolio is valued at about $69.4 billion.

Before joining Prudential, Collett was manager of investor reporting at ORIX Capital Markets where he also served as a special servicer asset manager.

Shares of Prudential Financial Inc. rose 4 cents to $48.86 in trading Friday.