(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.