Pramerica Amc, Pramerica Trustee, Pglh and Prudential
Case brief
What is this about?
The Competition Commission of India evaluated a proposed combination involving the acquisition of Deutsche Mutual Fund and portfolio management accounts by Pramerica Asset Managers and Pramerica Trustee. After assessing horizontal overlaps in mutual funds and portfolio management services, the Commission found post-combination market shares negligible and approved the transaction.
What did the court decide?
The proposed combination is approved under Section 31(1) of the Competition Act, 2002 as it is not likely to have an appreciable adverse effect on competition.
What the court decided
Fair Competition For Greater Good
COMPETITION COMMISSION OF INDIA (Combination Registration No. C-2015/08/303)
20.10.2015 Notice under Section 6 (2) of the Competition Act, 2002 given by Pramerica Asset Managers Private Limited, Pramerica Trustees Private Limited, PGLH of Delaware Inc., Prudential Financial Inc., Dewan Housing Finance Corporation Limited
CORAM:
Mr. Ashok Chawla Chairperson Mr. S. L. Bunker Member Mr. Augustine Peter Member
Mr. U.C. Nahta Member Mr. M.S. Sahoo Member Mr. G. P. Mittal Member
Legal Representative: Cyril Amarchand Mangaldas and J. Sagar Associates
Order under Section 31(1) of the Competition Act, 2002
- On 27th August 2015, the Competition Commission of India ( “Commission” ) received a notice under sub-section (2) of Section 6 of the Competition Act, 2002 (“ Act” ) given by Pramerica Asset Managers Private Limited (“ Pramerica AMC ”), Pramerica Trustees Private Limited (“ Pramerica Trustee ”), PGLH of Delaware Inc. (“ PGLH ”), Prudential Financial Inc. (“ Prudential ”) and Dewan Housing Finance Corporation Limited (“ DHFL ”). The notice was filed pursuant to execution of a Transfer of Mutual Fund and Portfolio Management Business Agreement dated 7th August 2015.
Issues for consideration
2 issues framed by the court
Whether the proposed acquisition of Deutsche Mutual Fund by Pramerica Asset Managers and related portfolio management transfer is likely to cause appreciable adverse effect on competition.
Whether the post-combination market shares in mutual funds and portfolio management services are significant enough to raise competition concerns.
Parties & counsel
- petitioner
Pramerica Asset Managers Private Limited
- petitioner
Pramerica Trustees Private Limited
- petitioner
PGLH of Delaware Inc.
- petitioner
Prudential Financial Inc.
- petitioner
Dewan Housing Finance Corporation Limited
Case details
As recorded by the court registry
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