Pramerica Asset Managers, the asset management business in India of Pramerica Investment Management, has signed a definitive agreement with Deutsche Bank to acquire its India asset management business.

The combined business will enable Pramerica AMC to expand its investment management expertise, distribution platform and product portfolio significantly in India, Pramerica said.
The transaction is subject to approval by the SEBI and the CCI, Pramerica added.

Established in 2003, Deutsche Asset Management (India) is the second-largest foreign-owned asset manager in the country. During the period April 1 to June 30, 2015, the business had Rs 20,720 crore (approximately $3.2 billion) average assets under management. Pramerica AMC’s proposed 50:50 JV partnership with DHFL in India recently received approval from SEBI, and the JV is expected to be completed shortly.