PGIM India Asset Management (MF)

About

PGIM India Asset Management is a wholly owned business of PGIM, the global investment management business of the US based Prudential Financial, Inc. (PFI).

PFI had entered the Indian market through a joint venture with DHFL in 2014 under the brand ‘DHFL Pramerica Asset Managers’ (Pramerica being another brand owned by PFI) and immediately bought the local business of Deutsche/DWS Asset Management. But after news of regulatory issues surfaced about the DHFL group, PFI bought out its partner at the end of 2018 and rebranded as PGIM in line with its asset management business worldwide.

The PFI group has its operations in the United States, Asia, Europe and Latin America.  PGIM is the global investment management business of PFI, one of the top 10 investment managers with over USD 1.5 trillion in asset under management.

Today, PGIM India Asset Management is a full service investment manager offering a broad range of equity and fixed income solutions to retail and institutional investors throughout the country. It manages 22 open-ended funds operated by 17 investment professionals. In addition to managing the investor’s assets through domestic MFs, it also offers offshore funds and Portfolio Management Services (PMS – see separate dossier).

Key staff

Ajit Menon, chief executive officer – has over two decades of leadership experience in business strategy, distribution, sales and marketing. He joined PGIM India from Tata Asset Management, where he was the Head of Strategy. Prior to Tata AMC, Ajit spent over 15 years with DSP Blackrock where he played a key role in the growth of the business.

Srinivas Rao Ravuri, chief investment officer – has been in the financial industry for more than 24 years. He has worked in various companies like HDFC AMC, Motilal Oswal Securities etc.

Puneet Pal, head of fixed income – for more than 4 years now. Prior to PGIM he worked in BNP Paribas asset management for 5 years.

Naha Aniruddha, head of equities – for more than 4 years. Prior to PGIM he worked in various companies like IDFC MF,  Avendus.

Investment philosophy

The AMC believes in something called ‘long-termism‎’, which is very much a philosophy that looks at managing money over a complete market cycle rather than quarter to quarter.

It looks to buy quality businesses with an above average potential for sustainable growth at a reasonable price. It places maximum emphasis on quality of the business on quantitative and qualitative parameters, they buy securities of companies that are in the growth phase, and lastly they look at the valuation of the company they prefer to buy securities that have a significant upside potential.

‘The AMC believes in to deliver superior risk-adjusted returns over the long term without compromising the quality of the portfolios we manage. It place as much emphasis on managing risk and volatility as on generating returns. IT adhere to rigorous research and risk management processes and emphasise on the strength of our teams over any individual.’ https://pgimindiamf.com/about-us/investment-philosophy

Media

MMI interview with Srini Rao, July 2022

Summary to write

MMI interview with Ajit Menon, July 2022

Summary to write

MMI interview with Srini Rao, July 2022

Summary to write

SAT stays Sebi’s penalty on PGIM AMC in inter-scheme transfers, ET, https://economictimes.indiatimes.com/mf/mf-news/sat-stays-sebis-penalty-on-pgim-amc-in-inter-scheme-transfers/articleshow/93780852.cms

The Securities Appellate Tribunal has stayed the penalty imposed by capital markets regulator Sebi on PGIM Asset Management Company in a case pertaining to flouting of mutual funds norms. Apart from the asset management firm, the regulator had penalised its chief executive officer Ajit Menon and three others — Kumaresh Ramakrishnan, Puneet Pal and Rakesh Suri. These three were the fund managers at the time of violation.

ETMarkets Smart Talk: We are cautious in short term amid tighter liquidity situation: Srinivas Rao Ravuri, Economic times, 11th May 2022 https://economictimes.indiatimes.com/markets/expert-view/etmarkets-smart-talk-we-are-cautious-in-short-term-amid-tighter-liquidity-situation-srinivas-rao-ravuri/articleshow/91469601.cms

Srinivas Rao talks about his mantra to pick stocks, they follow Growth At Reasonable Price (GARP) style for investing. Their research team focuses on identifying companies that can deliver sustainable growth. They avoid companies that are highly leveraged and companies that do not generate cash flows.

Are global REITS a good diversification option?, Mint, 10th November 2022 https://www.livemint.com/money/personal-finance/are-global-reits-a-good-diversification-option-11636562233794.html

PGIM India launched India’s first global realty funds that would invest in global REITS and global realty funds. The scheme will have exposure to realty markets in the US, Japan, the UK, Australia and Hong Kong.  It is a good diversification option for the investor as long as the investor understands the risk associated in the global real estate industry.

PGIM completes the acquisition of DHFL Pramerica Asset Managers, Economic Times, 31st July 2019

https://economictimes.indiatimes.com/mf/mf-news/pgim-completes-acquisition-of-dhfl-pramerica-asset-managers/articles

PGIM acquired DHFL Pramerica Asset Managers, the company is now known as PGIM India Mutual fund in 2019.

Prepared by:- Devasri Davey, 19th May 2022

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