Pramerica Mutual Fund has acquired Deutsche MF business in India

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.”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.