NEWARK, N.J.--(BUSINESS WIRE)--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.
About PGIM
PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including fundamental equity, quantitative equity, public fixed income, private fixed income, real estate and commercial mortgages. Its businesses have offices in 16 countries across five continents and had $963 billion in assets under management as of December 31, 2015. For more information, please visit http://www.pgim.com.
About Prudential Financial
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with more than $1 trillion of assets under management as of December 31, 2015, has operations in the United States, Asia, Europe and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com.
