New Delhi : Pramerica Asset Managers Pvt Ltd said it will acquire Deutsche Bank’s asset management businesses in India for an undisclosed amount. Pramerica Investment Management’s asset management business in India has signed a definitive agreement with Deutsche Bank to acquire its India asset management business, subject to regulatory approvals, the company said in a statement.
The financial details of the transaction was however not disclosed.
“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,” Pramerica International Investments CEO Glen Baptist said.
The combined business will enable Pramerica AMC to expand its investment management expertise, distribution platform and product portfolio significantly in India, the statement added.
Deutsche Asset Management India was established in 2003, and is currently, the second-largest foreign-owned asset manager in the country. During the period April 1 to June 30, 2015 period, the company had Rs 20,720 crore average assets under management.
The company further said that 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”.
