PGIM, the investment management arm of US-based Prudential Financial, has closed its acquisition of Deutsche Bank’s Indian asset management business through its Mumbai-based affiliate, DHFL Pramerica Asset Managers.
In August 2015, Deutsche Bank entered into a deal to sell its asset management business in India to Pramerica Asset Managers.
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As of 4 March 2016, assets under management of the combined business stood at $4bn.
This deal is expected to enable PGIM to significantly boost its product portfolio, distribution platform and client services in India.
PGIM CEO David Hunt said: "This acquisition underscores our commitment to serving clients in key strategic markets. Across our multi-manager platform, we are committed to delivering the highest standards of investment expertise and advice to our clients in India and globally."
Meantime, DHFL Pramerica Mutual Fund has hired Suresh Soni as its new CEO. PGIM now manages $963bn in assets under management.
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By GlobalDataDHFL Pramerica Asset Managers is a 50:50 JV between Prudential Financial and Dewan Housing Finance Corporation Limited.
