Dewan Housing Finance Corporation (DHFL) and Prudential Financial (PFI) announced today that they have agreed to form an asset management joint venture, with DHFL acquiring a 50% stake in Pramerica Asset Managers, PFI's asset management business in India.
Last year, DHFL and PFI joined forces to create a life insurance joint venture, DHFL Pramerica Life Insurance Company, which serves the life insurance needs of customers across cities and towns in India.
Under the terms of the new asset management joint venture agreement, each company will own 50% of the business. The joint venture company will be renamed DHFL Pramerica Asset Managers, following regulatory approvals and closure of the transaction.
