Prudential to start MF biz in India

Pramerica Asset Managers today said that Pramerica Mutual Fund has received the certificate of registration from SEBI.

Pramerica Asset Managers,the Indian asset management venture of US-based Prudential Financial,Inc (Pramerica Financial),today said that Pramerica Mutual Fund has received the certificate of registration from the Securities Exchange Board of India (SEBI).

Pramerica Asset Managers has received approval of SEBI to act as the investment manager of Pramerica Mutual Fund,a press release issued here stated.

This was the final approval needed from SEBI for Pramerica Financial’s mutual fund business in India to start its operations,the release added.

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“We are delighted to receive the final approval for our mutual fund business in India. We look forward to offering products and services that will help the Indian customers to grow and protect their wealth in line with our global philosophy,” Chairman and CEO of Pramerica Financial’s

International Investments unit,Chris Cooper,said.

Pramerica Mutual Fund will soon file products for SEBI approval and hopes to launch its first product by the end of June.

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