Mumbai: US-based financial services major, Prudential Financial has received the in—principle approval from Securities and Exchange Board of India (Sebi) to set up a joint venture (JV) asset management company (AMC) with realty company DLF in the country.
“With this approval, we have moved a step closer to officially starting our investment management operations in India with our partner DLF,” PFIs International investments units Chairman and CEO, Christopher Cooper said.
PFI and DLF had signed an agreement in last year to set up the new company DLF Pramerica Mutual Fund. According to the agreement, PFI would hold a majority 61% stake in the company while DLF will hold the remaining 39% stake.
The partners have plans to invest around $45 million in the company over the next few years. The AMC will provide full range of mutual fund and investment products, including domestic and international MFs to customers, it said.
The partners have named Vijai Mantri as the CEO of the new company.
Prudential Financial has assets under management of around $602 billion as on 30 Septemebr, 2008 and has operations in US, Asia, Europe and Latin America.