Mutual Fund sector witnessed 5th company affiliated to US based Prudential Financial Inc. buys out the German Deutsche Bank Group’s MF business in India for 400 crore rupees. Deutsche Mutual Fund with 20,720 crore rupees assets under management is the 2nd largest foreign fund house in India. after the Franklin Templeton,Where as Pramerica Mutual Fund has 2,125 crore rupees AMU and after acquisition it will rise up to 23,000 crore rupees making it among the top 15 Assets Management Companies in India.
Earlier ING Mutual Funds, Morgan Stanley MF, Daiwa MF and Pinebridge Investments had exited from India’s fund management business.They all were bought by the Birla Sun Life MF, HDFC MF, SBI MF and Kotak MF respectively.Recently Pramerica tied up with the Dewan Housing Finance Corporation Ltd. (DHFL) to start up new joint venture under name DHFL Pramerica Asset Managers.
Pramerica Mutual Fund has get Deutsche MF business in India
No comments:
Post a Comment