DHFL Pramerica Mutual Fund will be called PGIM India Mutual Fund subject to regulatory approval.
PGIM is the global investment management business of US-based Prudential Financial that manages USD 1.2 trillion or Rs.84 lakh crore.
In a press release issued today, PGIM said that it has bought the remaining 50% stake of DHFL in DHFL Pramerica MF to acquire the fund house completely. The acquisition was first announced in December 2018.
In the press release, Glen Baptist, CEO of PGIM Global Partners said, “This acquisition by PGIM demonstrates our unwavering dedication to investors in India and our deep commitment to delivering high quality and innovative solutions for their long-term investment needs. By leveraging the full strength of PGIM we will be well positioned to continue to deliver value to our clients and strengthen our competitive position in the market.”
Ajit Menon, CEO of PGIM India, said, “PGIM India is a full-service investment manager with a presence in 27 cities throughout India. We offer a broad range of equity and fixed income solutions and portfolio management services to retail and institutional investors, and now as part of a top global asset manager, our clients will be able to leverage PGIM’s experience and resources to better meet their investment requirements.”
Meanwhile, Srinivas Rao Ravuri has joined PGIM India as Chief Investment Officer – Equity. Prior to this, Srinivas has worked with HDFC Mutual Fund where he used to manage HDFC Equity Opportunities Fund, HDFC Infrastructure Fund and HDFC Housing Opportunities Fund. He has also worked with Motilal Oswal Securities in the past. Srinivas has studied commerce at Osmania University and holds a MBA.
