DHFL, Prudential Financial to form asset management JV

Private housing finance company Dewan Housing Finance Corporation Limited (DHFL) and US-based financial services company Prudential Financial, Inc. (PFI) are forming an asset management joint venture with DHFL acquiring 50 per cent stake in Pramerica Asset Managers Pvt. Ltd., PFI’s asset management business in India.

The joint venture company will be renamed DHFL Pramerica Asset Managers Pvt. Ltd., with each of the partners owning 50 per cent of the business, a press release said.

Last year, DHFL and PFI had joined forces to create, DHFL Pramerica Life Insurance Company, a life insurance joint venture to customers in India.

“DHFL’s relationship with Pramerica is being strengthened with the partnership in the asset management business,” Kapil Wadhawan, Chairman and Managing Director, DHFL, said in a statement.

Glen Baptist, President, Pramerica International Investments added, “DHFL’s distribution network will enhance our ability to offer a broader array of products and services to a wider range of customers and clients.” Business Line