Pramerica, a unit of Prudential Financial, and DLF Group, India’s largest real estate developer, have appointed Virjai Mantri as CEO for their proposed India-based joint venture, DLF Pramerica Asset Managers.
The two companies signed a joint venture agreement in December 2007 to establish the asset management company in India, and the venture is currently waiting for regulatory approval. Mantri would officially become CEO and managing director once the company is incorporated, after receiving the required approvals from the Securities and Exchange Board of India and the Registrar of Companies.
DLF Pramerica Asset Managers plans to offer both mutual funds and institutional investment funds for Indian retail and institutional clients. The company will be based in Mumbai.
As lead executive, Mantri will be responsible for managing the process and preparations for the launch of the business. Following this period, he will be responsible for its operations including the development, marketing and distribution of investment management products for the Indian marketplace. The position will report to Christopher Cooper, head of the International Investments Asia Regional Office for Prudential and the anticipated chairman of the proposed Board of the asset management joint venture company.
Mantri previously served as CEO of Deutsche Asset Management Company in Mumbai. Before Deutsche Asset Management, Mantri served as vice president of mutual fund sales and distribution for HDFC Mutual Fund Company. He was part of their start-up team and asssited in setting up their sales and distribution channel.