Pramerica Asset Managers Pvt. Ltd. (Pramerica AMC) has signed a definitive agreement with Deutsche Bank to acquire its India asset management business, subject to customary closing conditions and regulatory approvals.
The acquisition will enable Pramerica AMC to expand its investment management expertise, distribution platform and product portfolio significantly in India. The transaction is subject to approval by the Securities and Exchange Board of India (SEBI) and the Competition Commission of India (CCI).
Glen Baptist, CEO, Pramerica International Investments, said “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.”
“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.”
Ravi Raju, Head of Deutsche Asset & Wealth Management, Asia Pacific, said “Deutsche Bank’s asset management business was established in 2003, and is now the second-largest foreign asset manager in India. We have built a strong brand with a well-respected investment and coverage team. This solid foundation will be passed on to Pramerica Investment Management which is an internationally respected asset manager with broad product capabilities and expertise.”
“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. We are committed to working with Pramerica AMC to ensure a smooth transition for clients, staff and other stakeholders,” Raju said.