NEWARK, N.J.–PGIM, the global investment management businesses of Prudential Financial, Inc. (NYSE:PRU), has completed its previously announced acquisition of Deutsche Bank’s Indian asset management business through its Mumbai-based affiliate. With $963 billion in assets under management as of Dec. 31, 2015, PGIM ranks among the world’s largest investment management companies.
In August 2015 PGIM announced it had reached a definitive agreement to acquire an indirect ownership interest in Deutsche Bank’s Indian asset management business through its affiliate in India, DHFL Pramerica Asset Managers.
“This acquisition underscores our commitment to serving clients in key strategic markets,” said David Hunt, CEO of PGIM. “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.”
Glen Baptist, CEO of PGIM’s International Investments business added, “Deutsche Bank’s highly respected asset management leadership team and its deep relationships with institutional clients and distribution partners complement the strong team we already have in place and positions us to build an industry leading asset manager in India.”
With approximately $4 billion in combined assets under management as of March 4, 2016, the acquisition significantly expands PGIM’s product portfolio, distribution platform and client services in India.
DHFL Pramerica Asset Managers is a 50:50 joint venture between Prudential Financial, Inc., and Dewan Housing Finance Corporation Limited. DHFL Pramerica Asset Managers began its joint venture partnership in India in August 2015.