Pramerica Asset Managers to acquire Deutsche's India AMC biz

Pramerica Asset Managers Pvt Ltd today said it will acquire Deutsche Bank's asset management businesses in India for an undisclosed amount.
Pramerica Investment Management's asset management business in India has signed a definitive agreement with Deutsche Bank to acquire its India asset management business, subject to regulatory approvals, the company said in a statement.
The financial details of the transaction was however not disclosed.
"The strong track record of Deutsche Bank's asset management business in India, its talented leadership team, and deep relationships with institutional clients and distribution partners, perfectly complement the sales, investment and product capabilities of our existing business," Pramerica International Investments CEO Glen Baptist said.

The combined business will enable Pramerica AMC to expand its investment management expertise, distribution platform and product portfolio significantly in India, the statement added.
"When the transaction is completed, we will have the scale and platform necessary to make our investment strategies available to clients across India and put us within sight of the top 10 asset managers in the country," Baptist said.

Deutsche Asset Management India was established in 2003, and is currently, the second-largest foreign-owned asset manager in the country. During the period April 1 to June 30, 2015 period, the company had Rs 20,720 crore average assets under management.

"We are confident that with Pramerica Investment Management's global footprint and track record of integrating and working with local partners in key markets, the business will continue to perform well following the integration," Ravi Raju Head of Deutsche Asset & Wealth Management Asia Pacific said.
The company further said that Pramerica AMC's proposed 50:50 joint venture partnership with Dewan Housing Finance Corporation Limited (DHFL) in India recently received approval from SEBI, and the joint venture is expected to be completed "shortly".
"We are confident that the combined business, and our new joint venture with DHFL, will enable us to achieve our strategic priority of building an industry-leading Indian asset management business," Baptist said.