Pramerica Asset Managers, the Indian arm of U.S.-based Prudential Financial said on Thursday it has received regulatory approval to launch mutual funds in the domestic market.
"Pramerica Mutual Fund will soon file products for SEBI approval and hopes to launch its first product by the end of June," it said in a statement.
Pramerica joins the likes of Italian bank UniCredit's arm -- Pioneer Global, South Korea's Mirae Asset, France's Axa and Japan's Shinsei, who have started operations in India's fiercely competitive fund industry over the last three years.
Many more, including German firm Allianz and South African financial services firm Sanlam, are considering an entry into the Indian market, forecast by the Boston Consulting Group to manage $520 billion by 2015.
Indian mutual funds industry managed assets worth 8.1 trillion rupees ($174 billion) at the end of April, data from the Association of Mutual Funds in India showed. ($1=46.5 rupees).
Source: http://in.reuters.com/article/fundsNews_DUP1/idINSGE64J0B120100520
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