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Prudential adds $3 billion of assets in Deutsche Bank India deal

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(Bloomberg) — Prudential Financial Inc., the second- largest U.S. life insurer, agreed to buy Deutsche Bank AG’s India asset-management business.

The unit had average assets under management of more than $3 billion in the second quarter, Newark, New Jersey-based Prudential said Friday in a statement that didn’t disclose terms.

Prudential has been seeking to bolster its investment management business to boost fee income, adding talent from firms including Goldman Sachs Group Inc. and BlackRock Inc. The insurer hired David Hunt from McKinsey & Co. in 2011 to run the operation, and he helped build assets under management to more than $940 billion from about $580 billion.

“Deutsche Bank’s highly respected investment and client service teams complement the strong team we already have in place to serve new and existing clients, as we continue to build our business across India,” Hunt, chief executive officer of Prudential Investment Management, said in the statement.

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Deutsche Bank, Germany’s biggest lender, is seeking to scale back some businesses amid a management shake-up. New co- CEO John Cryan replaced Anshu Jain, and will take over as sole CEO when Juergen Fitschen steps down in May.

Prudential is among global insurers pushing into emerging markets to cater to a growing population of middle-class and wealthy customers. Japan’s Nippon Life Insurance Co. agreed in November to increase its stake in the fund-management unit of India’s Reliance Capital Ltd.

A representative of Deutsche Bank didn’t immediately return a request seeking comment.