Prudential Financial Reportedly Considering Sale of Indian Asset Management Business

Deep News01-12

According to individuals familiar with the matter, the investment management subsidiary of Prudential Financial Group is exploring a potential sale of its loss-making asset management business in India, a unit it acquired from Deutsche Bank approximately a decade ago.

The sources indicated that PGIM Inc., the investment management arm of Prudential Financial, has engaged Ernst & Young to provide advisory services concerning the potential divestiture of its asset management subsidiary in India. The individuals requested anonymity as they were discussing confidential information.

The move to sell PGIM India Asset Management Pvt Ltd. follows an evaluation of the division's growth trajectory by its parent company; the subsidiary currently oversees assets worth approximately 266 billion rupees ($3 billion). In recent years, the unit has experienced minimal substantive expansion.

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