Pramerica Financial (Pramerica), a brand name used by Prudential Financial, Inc. (PFI) of the United States has today said that it will acquire the entire 50% stake of DHFL in its joint venture subject to regulatory approval.
With this, DHFL Pramerica Mutual Fund will now become Pramerica Mutual Fund. In a press release, the fund house said, “Pramerica and Dewan Housing Finance Corporation Ltd. (DHFL) today signed a binding term sheet for Pramerica to acquire DHFL’s stake in their 50:50 joint venture asset management company, DHFL Pramerica Asset Managers Pvt. Ltd. (DPAM). The transaction is subject to signing of definitive documentation, customary closing conditions, and regulatory and other approvals.”
Pramerica ranks among the top 10 largest investment managers in the world with more than $1 trillion in AUM.
“We see tremendous opportunity in the asset management market in India and are very excited to be entering this next phase of growth,” said Glen Baptist, CEO of PGIM Global Partners. “Our expanded investment demonstrates our deep commitment to this market and confidence in both our talented leadership team and robust investment process. We strongly believe that when combined with the deep expertise and broad capabilities of PGIM, we are well positioned to serve our clients and to strengthen our competitive position in India.”
Pramerica and DHFL formed the joint venture in 2014 and expanded its business through the acquisition of Deutsche Mutual Fund.
In another development, Baroda Mutual Fund is reportedly bringing in a new foreign partner. Last year, Bank of Baroda had purchased the 51% stake held by foreign partner Pioneer Investments in their joint venture asset management company.
