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NEW DELHI: The U.S.-based Prudential Financial Inc (PFI) on Tuesday announced an asset management joint venture with real estate giant DLF with which it already has a life insurance partnership.

The joint venture — DLF Pramerica Asset Managers Pvt. Ltd. — marks the entry of the world’s 14th largest asset manager into India with a clear mandate to offer a wide choice of mutual funds and investment products to Indian consumers starting next fiscal. While DLF will have a 39 per cent stake in the venture, PFI, which is not related to the Prudential plc of the U.K., will have 61 per cent.

Talking to media persons, Prudential International Investment President and CEO, Stephen Pelletier, said India, where very little household savings got invested in mutual funds, provided a great business opportunity.

Mr. Pelletier expected the venture to become operational from the next financial year. PFI also expects its life insurance joint venture with DLF — DLF Pramerica Life Insurance Company — to start operations in the first quarter of next fiscal.

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