Prudential to buy Deutsche Bank unit

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Prudential Financial’s investment-management subsidiary agreed to buy a unit from Deutsche Bank to expand in India.

Bloomberg News reports that the unit had average assets under management of more than $3bn in the second quarter, the division of Newark, Prudential said Friday in a statement that didn’t disclose terms.

Prudential, the life insurer, has been seeking to bolster its investment-management business to boost fee income, adding talent from firms including Goldman Sachs and BlackRock. The insurer hired David Hunt from McKinsey in 2011 to run the operation, and he helped build assets under management to more than $940bn from about $580bn.

To access the complete Bloomberg News article hit the link below:

Prudential to Buy Deutsche Bank Asset-Manager Unit in India

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