Prudential Investment Management has agreed to acquire Deutsche Bank’s India asset management business. No financial terms were disclosed.
NEWARK, N.J.–(BUSINESS WIRE)–Prudential Investment Management (PIM), the global investment management businesses of Prudential Financial, Inc. (NYSE: PRU), has reached a definitive agreement to acquire Deutsche Bank’s India asset management business through its Mumbai-based affiliate, subject to customary closing conditions and regulatory approval. With $948 billion in assets under management, PIM ranks among the world’s largest investment management companies.
Deutsche Asset Management (India) Pvt. Ltd., established in 2003, today is the second largest foreign-owned asset manager in the country. During the period April 1 to June 30, 2015, the business had approximately US$3.2 billion average assets under management. Upon closing, the combined business will significantly expand PIM’s investment management expertise, distribution platform and product portfolio in India.
“This acquisition provides a tremendous opportunity for our business in India and underscores our overall commitment to expanding our global asset management platform through our multi-manager model,” said David Hunt, CEO of PIM. “Deutsche Bank’s highly-respected investment and client service teams complement the strong team we already have in place to serve new and existing clients, as we continue to build our business across India.”
About Prudential Investment Management (PIM)
Prudential Investment Management’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 had $948 billion in assets under management as of June 30, 2015. For more information, please visit http://www.investmentmanagement.prudential.com.