PGIM considers selling Indian asset management unit

Investing.com -- PGIM Inc., the investment management arm of Prudential Financial Inc., is exploring the sale of its asset management unit in India, according to Bloomberg News.

The company has hired EY to advise on the potential sale of PGIM India Asset Management Pvt Ltd., people familiar with the matter told Bloomberg. These sources asked not to be identified as the information is private.

The decision to sell comes after PGIM evaluated the growth trajectory of the Indian subsidiary, which manages approximately 266 billion rupees ($3 billion) in assets. According to the sources, the unit has not experienced significant expansion in recent years.

PGIM acquired the Indian business from Deutsche Bank AG about a decade ago, but the operation has reportedly been unprofitable. The parent company's review of the unit's performance appears to have prompted the consideration of a sale.

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