Dewan Housing Finance Corporation Limited (DHFL) and Prudential Financial, Inc. (PFI) have collaborated to form an asset management joint venture, with DHFL acquiring a 50 percent stake in Pramerica Asset Managers Pvt. Ltd., PFI’s asset management business in India. On 19^th December 2013, DHFL and PFI partnered 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. This was after DHFL bought out 74% of stakes owned by DHL Ltd.

Under the terms of the new asset management joint venture agreement, each company will own 50 percent of the business. The joint venture company will be renamed DHFL Pramerica Asset Managers Pvt. Ltd., following regulatory approvals and closure of the transaction.

DHFL is India’s second largest private housing finance company with a focus on enabling financial access to lower and middle income customers through its wide network across the country. PFI is a U.S.-headquartered global financial services company which does business under the trade name Pramerica in select countries outside the United States.  PFI ranks among the world’s top 10 institutional asset managers, based on assets as of December 31, 2013, according to Pensions & Investments’ annual money manager survey. PFI’s asset management stood over $ 1 trillion as of 30^th June 2014.

DHFL has over 300 offices across India with representative offices in Dubai and London. PFI plans to leverage on this to expand it’s footprint in the Indian Market predominantly in the retail sector. Currently, PFI has its presence in about 19 cities across the country including Ahemdabad, Chennai , Kolkata, Pune , Banglore and Delhi under the name Premerica.

A word from Mr. Glen Baptist, President, Pramerica International Investments, he says  “We are pleased to form this partnership with DHFL, bringing together PFI’s expertise in investment management as a top 10 global asset manager, and DHFL’s local market knowledge and distribution network, to position our business in India for success over the long term. This new venture demonstrates our ongoing commitment to India, and we jointly intend to invest in the business to bring new ideas and solutions to meet the investment needs of our institutional and retail clients across India. DHFL’s distribution network will enhance our ability to offer a broader array of products and services to a wider range of customers and clients. We look forward to continuing to serve the long-term investment needs of our clients.”