Prudential Financial reportedly considering sale of Indian asset management business

Glonghui January 12｜According to sources familiar with the matter, the investment management subsidiary under Prudential Financial Group is considering selling its loss-making asset management business in India, which it acquired from Deutsche Bank a decade ago. The sources said that PGIM Inc., the investment management arm of Prudential Financial, has hired Ernst & Young to provide advisory services regarding the potential sale of its asset management subsidiary in India. The sources requested anonymity as the discussions involve non-public information. According to these sources, the sale of PGIM India Asset Management Pvt Ltd. is being advanced after its parent company assessed the growth of the division. The subsidiary currently manages approximately 266 billion rupees (3 billion USD) in assets. In recent years, the subsidiary has seen little substantial expansion.