DEUTSCHE BANK – RTN asia

Pramerica Asset Managers, the asset management business in India of Pramerica Investment Management, said it had agreed to buy Deutsche Bank's India asset management business. Separately, Dewan Housing Finance Corporation Ltd also said that it had decided to acquire 50% of the equity share capital of Pramerica Asset Managers Private Limited -- the asset management Company of Pramerica Mutual Fund -- and Pramerica Trustees Private Limited, the trustee for the Pramerica Mutual Fund, from PGLH of Delaware Inc. Pramerica Asset Managers Pvt. Ltd. is a wholly owned subsidiary of Prudential Financial, Inc of the US and is the asset management company for Pramerica Mutual Fund, registered with Securities & Exchange Board of India. Headquartered in Mumbai, Pramerica AMC has a presence in 19 cities across the country including branches in Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kolkata and Pune. Dewan Housing also said that it had issued a no objection to Pramerica Asset Managers Private Ltd to acquire the Deutsche Bank's Asset Management business, "since the combined business will enable PAMC to expand their investment management expertise, distribution platform and products portfolio significantly in India." The combined business will enable Pramerica AMC to expand its investment management expertise, distribution platform and product portfolio significantly in India. The transaction is subject to approval by the Securities and Exchange Board of India (SEBI) and the Competition Commission of India (CCI). Deutsche Asset Management (India) Pvt. Ltd. was established in 2003, and today is the second-largest foreign-owned asset manager in the country. During the period April 1 to June 30, 2015, the business had INR 20,720 crore (approximately US$3.2 billion) average assets under management. Pramerica Investment Management’s multi-manager asset management businesses collectively rank among the top 10 institutional money managers in the world, according to Pensions & Investments magazine. Pramerica AMC’s proposed 50/50 joint venture partnership with Dewan Housing Finance Corporation Limited (DHFL) in India recently received approval from SEBI, and the joint venture is expected to be completed shortly. “The strong track record of Deutsche Bank’s asset management business in India, its talented leadership team, and deep relationships with institutional clients and distribution partners, perfectly complement the sales, investment and product capabilities of our existing business. When the transaction is completed, we will have the scale and platform necessary to make our investment strategies available to clients across India and put us within sight of the top 10 asset managers in the country," said Glen Baptist, CEO of Pramerica International Investments. "We are confident that the combined business, and our new joint venture with DHFL, will enable us to achieve our strategic priority of building an industry-leading Indian asset management business."

Tag: DEUTSCHE BANK

Pramerica buys Deutsche Bank’s asset management business in India, Dewan Housing to float JV