Pramerica Asset Managers Private receives final SEBI approval

PRAMERICA MUTUAL FUND ALL SET TO GO

Pramerica Asset Managers Private Ltd, the Indian asset management venture of U.S.-based Prudential Financial, Inc. (Pramerica Financial), announced today that Pramerica Mutual Fund has received the certificate of registration from the Securities Exchange Board of India (SEBI).  Pramerica Asset Managers Pvt. Ltd. has received approval of SEBI to act as the Investment Manager of Pramerica Mutual Fund. This was the final approval needed from SEBI for Pramerica Financial’s mutual fund business in India to start its operations.

“We are delighted to receive the final approval for our mutual fund business in India. We look forward to offering products and services that will help the Indian customers to grow & protect their wealth in line with our global philosophy," said Chris Cooper, Chairman and CEO of Pramerica Financial’s International Investments unit.

Pramerica Mutual Fund will soon file products for SEBI approval and hopes to launch its first product by the end of June. Over the next 18 months, Pramerica Mutual Fund will launch two to three equity funds and four to five debt schemes, subject to SEBI approval.

“We will be reaching out to retail investors and bringing to them meaningful solutions, rather than just products. Our approach in the Indian market is to create value for investors. Investors have aspirations and dreams. Often there is a wide gulf between their current situation and their dreams. It is our job to help them bridge that gap in achieving their financial goals and dreams.” said Vijai Mantri, MD & CEO of Pramerica Asset Managers Private Ltd.

About Pramerica Financial:
Pramerica Financial is a trade name used in India and select countries outside of the United States by Prudential Financial, Inc. (NYSE: PRU), a company incorporated and with its principal place of business in the United States. Pramerica Financial, a financial services leader with approximately $693 billion of assets under management as of March 31, 2010, has operations in the United States, Asia, Europe, and Latin America. Pramerica Financial’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. In the U.S., the company’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century.  For more information, please visit www.news.prudential.com. Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, a company incorporated in the United Kingdom.

Statutory Details: Pramerica Mutual Fund is set up as a Trust under the Indian Trusts Act, 1882. Sponsor: Prudential Financial, Inc. Trustee: Pramerica Trustees Private Limited, an Indian Company registered under the Companies Act, 1956. Investment Manager: Pramerica Asset Managers Private Limited, an Indian Company registered under the Companies Act, 1956.  Pramerica Mutual Fund is yet to launch a product in India. Mutual Fund investments are subject to market risks, read all scheme related documents carefully.