Prudential Investment Management has agreed to acquire Deutsche Bank’s India asset management business through its Mumbai-based affiliate, said Prudential spokeswoman Theresa Miller. Financial terms of the deal were not disclosed.
Established in 2003, Deutsche Asset Management (India) Private Ltd. had an average of $3.2 billion in assets under management during the quarter ended June 30. An exact figure could not be learned by press time.
“This acquisition provides a tremendous opportunity for our business in India and underscores our commitment to expanding our global asset management platform through our multimanager model,” said David Hunt, CEO of Prudential Investment Management in a news release. “Deutsche Bank's investment and client service teams complement the team we already have in place to serve new and existing clients, as we continue to build our business across India.”
Prudential Investment Management's business in India has $344 million in AUM and is based in Mumbai with additional presence in 19 cities across the country.
Executives at the company expect the newly acquired asset management business to be managed by the combined teams now leading Deutsche Asset Management (India) and Prudential IM, Ms. Miller said.
Depending on the timing of regulatory approvals, the companies anticipate completing the transaction in the second half of 2015 or in early 2016.
Prudential Investment Management has $948 billion in AUM.