Prudential Global Investment Managers (PGIM) has announced that it has completed the purchase of its previous 50 percent held joint venture with DHFL. The acquisition, announced in December 2018, has received all required approvals from the Securities and Exchange Board of India (Sebi) and other regulatory bodies, a press release from the company said.
The fund house, earlier known as DHFL Pramerica Asset Managers, will now be known as PGIM India Mutual Fund, subject to regulatory approval. Srinivas Rao Ravuri will be the Chief Investment Officer – Equity. Rao has earlier worked with HDFC Mutual Fund.
“This acquisition by PGIM demonstrates our unwavering dedication to investors in India and our deep commitment to delivering high quality and innovative solutions for their long-term investment needs,” said Glen Baptist, CEO of PGIM Global Partners. “By leveraging the full strength of PGIM we will be well-positioned to continue to deliver value to our clients and strengthen our competitive position in the market.”
“PGIM India is a full-service investment manager with a presence in 27 cities throughout India. We offer a broad range of equity and fixed income solutions and portfolio management services to retail and institutional investors, and now as part of a top global asset manager, our clients will be able to leverage PGIM’s experience and resources to better meet their investment requirements,” said Ajit Menon, CEO of PGIM India.
He further added, “We are also delighted to have Srinivas Rao Ravuri join PGIM India as Chief Investment Officer – Equity. Srinivas joins us from HDFC Mutual Fund. We are confident that his expertise in equity investing for the past two decades will be a growth driver for our company. He will be responsible for overseeing all equity funds.”