Prudential Financial Inc., the second-biggest U.S. life insurer, completed the sale of its minority stake in its retail brokerage joint venture with Wells Fargo Advisors to Wells Fargo & Co. for $4.5 billion. Prudential had a 38 percent ownership interest in the joint venture. Prudential will also receive $418.4 million in payment of the principal and interest on a subordinated note that the former Wachovia Securities issued related to the formation of the joint venture.

FBL Financial Group Inc. announced today that James Hohmann has been named to the position of CEO after his service for the past eight months as the company’s interim CEO. Hohmann, 54, has more than 30 years of experience in financial services, and was CEO of Allstate Financial before joining FBL. Read the full release.

The Polk County Board of Supervisors elected Tom Hockensmith, 3rd District supervisor, as its new chairperson and John Mauro, 4th District supervisor, as vice chairperson for 2010. Hockensmith was elected to the board in 2003 and most recently served as its chairperson in 2007, and Mauro was the board’s chairperson in 2008.

West Des Moines-based West Bancorporation Inc. will report its results for the fourth quarter and the year of 2009 on Jan. 29 before U.S. markets open. The company will discuss the results in a conference call at 2 p.m. that day. Call (800) 860-2442 to listen in.

The cost that Interstate Power and Light Co. (Alliant/IPL) customers pay for electricity will not change from rates implemented last March, the Iowa Utilities Board ruled today. The board adopted a rate design and other one-time steps to help keep costs the same. In March 2009 Alliant/IPL filed a rate proposal to increase its annual revenues by approximately $171 million (16.6 percent). To read a full Business Record story about the issue, click here.

Aviva plc has acquired U.S. equity manager River Road Asset Management, according to an Investment Week report. River Road has $3.6 billion in assets under management. The United Kingdom-based insurance giant entered the U.S. market in 2006 when it acquired Des Moines-based AmerUs Group Co. for $1.6 billion. The company said it plans to increase its third-party institutional business, and that the acquisition will help it provide its clients with a broader range of investment solutions. Read more.