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Pramerica to buy Deutche Bank AMC

Deutsche Bank’s asset management business in India will be bought by mutual fund house Pramerica. The deal is expected to be around Rs 300-400 crore. The transaction is subject to approval by the Securities and Exchange Board of India and the Competition Commission of India. Deutsche Bank AMC had assets around Rs 20,700 crore as on 30 June 2015 while Pramerica managed assets worth Rs 2,125 crore. Both fund houses are focussed on liquid and fixed income funds. Pramerica AMC has been in the process of setting up a 50:50 joint venture partnership with Dewan Housing Finance Corporation, which is being named DHFL Pramerica Asset Managers. Deutsche AMC had been on the block for a while now; both YES Bank and the fund house of Franklin Templeton were reported to have shown interest in acquiring it. The sale is the latest among a slew of foreign asset managers exiting the mutual fund business in India, including Morgan Stanley (acquired by HDFC AMC), ING (Birla Sun Life), Daiwa (SBI) and PineBridge (Kotak). Pramerica Asset Managers is a wholly-owned subsidiary of Prudential Financial of the US, and is the asset management company for Pramerica Mutual Fund.

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