DLF to foray into asset management biz, forms JV with US firm

New Delhi, Dec 4 (UNI) Country's largest realty firm DLF Group today said it will foray into an asset management business by forming a joint venture with the US-based Prudential Financial Inc (PFI).

''We will own 39 per cent interest in the joint venture, while the rest 61 per cent will be held by PFI,'' company's Vice Chairman Rajiv Singh told reporters here.

The city-based company DLF will invest about 20 million dollars in the joint venture named 'DLF Pramerica Asset Managers Private Ltd,' whereas the US leading life insurers PFI will infuse about 30 million dollars in the project.

Mr Singh said, ''We expect to start the operations next year, subject to regulatory approval.'' The JV, headquartered in Mumbai, will provide a broad array of mutual fund and investment products, including domestic and eventually international mutual funds to country's retail and institutional clients, Mr Singh said.

With market capitalisation of about 38 billion dollars, world's fifth largest realty firm DLF will also float an insurance company with the PFI next year.

UNI