PRU SECURITIES BUYS INVESTMENT BANK - Seeking a piece of the lucrative high tech IPO business, Prudential Securities has purchased Volpe Brown Whelan & Co., one of the last remaining independent investment banks, which specializes in technology businesses.

BIG PUSH SOUTH OF THE BORDER - Striving to become a predominant force in the Mexican insurance market, New York Life has agreed to purchase Mexico's third largest insurance company, Seguros Monterrey Aetna, S.A., for about $570 million.

WESTERN-SOUTHERN TO ACQUIRE THE INTEGRITY COMPANIES - Integrity Life Insurance Co. and National Integrity Life Insurance Co., subsidiaries of financially-troubled ARM Financial Group, are being acquired by Western & Southern Life Insurance Co. According to Duff & Phelps Credit Rating Co. (DCR), Western-Southern "is one of the comparatively few life insurance companies that has the balance-sheet size and strength to absorb any financial difficulties that may result from the acquisition." Meanwhile ARM, which has been under the supervision of Ohio insurance regulators since suffering from GIC withdrawal difficulties in August, is expected to enter bankruptcy proceedings.

EXCHANGE UPDATE - As expected, the NYSE has repealed Rule 390, which prevented its members from trading NYSE stocks listed prior to 1979 on alternative trading systems or ECNs. Meanwhile, the Nasdaq has bowed to pressure from the mutual fund industry and agreed to delay a plan to calculate "inside" stock quotes after normal market hours. Finally, in a rare joint announcement, the NYSE and the Nasdaq said they will seek to make it more difficult for day traders to buy and sell stocks on margin by placing day traders in a distinct, high-risk group that will be faced with stricter margin requirements.

PROSPECTUS CHANGE? - The SEC is considering whether to eliminate the requirement that annual mutual fund prospectuses be sent to shareholders. The new approach under consideration would require only an annual prospectus update that incorporates material developments and changes in the fund. The change could save mutual funds million of dollars a year.

CITISTREET - The recently announced Citigroup/State Street Corp. joint venture is opening some eyes, as competitors realize the strength of the combined force of the two companies. The customer base is more than 4 million plan participants, from small companies to huge conglomerates. The venture makes CitiStreet a top manager of defined contribution plans.

UNINSURED AMERICANS - A new Health Insurance Association of America (HIAA) report predicts that "the total number of Americans without health insurance by 2008 will grow to 55 million - more than 22% of the non-elderly population - without government action." While poor Americans continue to make up the largest percentage of the uninsured, women and "non-poor" Americans (those earning more than twice the federal poverty level) are among the fastest-growing segments of uninsured Americans.

MORE ACQUISITIONS - GE Financial Assurance has agreed to purchase Phoenix Home Life's worksite benefits operation, Phoenix's Group Insurance, which serves small and medium-size companies. Wellpoint will acquire Rush Prudential Health Plans in a transaction valued at approximately $200 million.

AMERICAN COLLEGE NEWS - The American College announced that the number of new CLU designees increased 22% to 1,577 in 1999, compared to 1,286 in 1998; new ChFC designees increased by 7% this year to 1,228, up from 1,153 last year. The College has also signed an exclusive distribution agreement with Yipinet, a California-based provider of online courses. Under the agreement, Yipinet will convert American College CE content into online courseware that, for the first time, can be licensed by corporations.