Deutsche Bank has sold its Indian asset management business, which manages $3.2 billion, to Pramerica Asset Managers.
Established in 2003, Deutsche's Indian asset management is the second-largest wholly owned foreign asset manager in India.
In a statement, Deutsche Bank explained the sale by saying it wanted to focus on “core businesses where we can achieve a leadership position”.
The sale came despite Deutsche insisting that the India franchise had posted “strong financial results”.
Pramerica did not say how much it has paid to acquire the business. Pramerica recently formed a joint venture with DHFL, an Indian home finance company, to focus on the Indian market.
“We are confident that the combined [Deutsche] business, and our new joint venture with DHFL, will enable us to achieve our strategic priority of building an industry-leading India asset management business,” says Glen Baptist, chief executive of Pramerica International Investments.
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