This agreement will allow Prudential Financial (PFI) to expand its international investments business and marks its official entry into the Indian mutual fund market. The joint venture with PFI marks DLF’s entry into the asset management business.
Under the terms of the agreement, PFI will be the majority shareholder in the joint venture with 61% interest, while DLF will own the remaining 39%. The asset management joint venture will be based in Mumbai and will provide a broad array of mutual fund and investment products, including domestic and eventually international mutual funds to Indian retail and institutional clients.
Stephen Pelletier, president and CEO of PFI’s international investments unit, said: India is an important market with enormous potential for the company. DLF is a strategic partner that shares our commitment to developing an investment management presence in India that will provide the same level of service and quality products to customers that we have achieved in other key markets.
